Title: NOTE 1: BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: NOTE 2: NON-CASH ASSISTANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
The District did not receive any federal awards in the form of noncash assistance during the year.
Title: NOTE 3: RECONCILIATION OF EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
The following is a reconciliation of expenditures reported on the schedule of expenditures of federal awards to the expenditures reported in the governmental fund financial statements:
Title: NOTE 4: SUBRECIPIENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
There are no sub-recipients of federal funds as of and for the year ended June 30, 2023.
Title: NOTE 5: INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
Title: NOTE 6: LOANS
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Mountainair Public Schools (the District) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to utilize the 10% minimum indirect cost rate and uses the indirect cost rate set by the State of New Mexico Public Education Department for school districts.
The District did not expend federal awards related to loans or loan guarantees for the year ended June 30, 2023.