Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grantactivity of Eddy County, New Mexico (County) and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this schedule is presented in accordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presented in this schedule may differ from amounts presentedin, 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 County did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grantactivity of Eddy County, New Mexico (County) and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this schedule is presented in accordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presented in this schedule may differ from amounts presentedin, 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 County has no federally funded insurance.
Title: Note 5: Reconciliation of Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grantactivity of Eddy County, New Mexico (County) and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this schedule is presented in accordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presented in this schedule may differ from amounts presentedin, 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 in report on page 215