Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activities of all federal awards of New Mexico Finance Authority (NMFA). It is presented on the accrual basis of accounting, which is described in Note 1 to NMFAs basic Financial Statements.In fiscal year 2022, NMFA administered federal funds from the DWSRLF program, which was administered with NMFA as the primary recipient, as mandated by State statute. All of the funds expended under this program were used for grant-loans to water utility systems in the state and to cover administrative costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 93775511.