Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanyingScheduleofExpendituresofFederalAwards(Schedule)includesthefederalgrant activityofNewMexicoJuniorCollege(the"College")andispresentedonthemodifiedaccrual basisofaccounting,whichisthesamebasisaswasusedtopreparethefinancialstatements. Theinformationinthisscheduleispresentedinaccordancewiththerequirementsof UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards (UniformGuidance).Therefore,someamountspresentedinthisschedulemaydifferfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Collegedidnotexpendfederalawardsrelatedtoloansorloanguaranteesduringtheyear.Federal Direct Loans advanced to students in fiscal year 2022 totaled $274,686.
Title: Note 4: Federally Funded Insurance
Accounting Policies: The accompanyingScheduleofExpendituresofFederalAwards(Schedule)includesthefederalgrant activityofNewMexicoJuniorCollege(the"College")andispresentedonthemodifiedaccrual basisofaccounting,whichisthesamebasisaswasusedtopreparethefinancialstatements. Theinformationinthisscheduleispresentedinaccordancewiththerequirementsof UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards (UniformGuidance).Therefore,someamountspresentedinthisschedulemaydifferfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College has no federally funded insurance.
Title: Note 5: Reconciliation of Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanyingScheduleofExpendituresofFederalAwards(Schedule)includesthefederalgrant activityofNewMexicoJuniorCollege(the"College")andispresentedonthemodifiedaccrual basisofaccounting,whichisthesamebasisaswasusedtopreparethefinancialstatements. Theinformationinthisscheduleispresentedinaccordancewiththerequirementsof UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards (UniformGuidance).Therefore,someamountspresentedinthisschedulemaydifferfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See table on financial statements on page 97