Notes to SEFA
Title: Subrecipients, Including Loans Outstanding
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 2023, 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.
See the Notes to the SEFA for chart/table