Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of Socorro County, New Mexico (the "County") and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this schedule is presented in accordance with the requirementsof Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom 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 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 federalgrant activity of Socorro County, New Mexico (the "County") and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this schedule is presented in accordance with the requirementsof Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom 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 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 federalgrant activity of Socorro County, New Mexico (the "County") and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this schedule is presented in accordance with the requirementsof Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom 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 in report on page 205