Notes to SEFA
Title: Scope of Audit Pursuant to OMB Uniform Grant Guidance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the Village under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Becuase the Schedule presents only a selected portion of the operations of the Village, it is not indended to and does not present the financial position and changes in net position of teh Village. All federal programs considered active during the year ended June 30, 2023, are reflected on the Schedule. An active federal program is defined as a federal program for which there were receipts or disbursements of funds or accured (deferred) grant revenue adjustments during the fiscal year or a federal program considered as not copmleted or closed out at the beginning of the fiscal year. The Schedule is prepared using the modified accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when teh Vilage has met the qualifications for the respective grant. Various reimbursement procedures are used for Federal awards received by the Village. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of reimbursable expenditures over receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances covered by differences in timing of cash receipts and expenditureswill be reversed in the remaining grant period. The Village received no non-cash federal assistance during the fiscal year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Village did not use the 10% de minimis indirect cost rate for the year ended June 30, 2023.
All federal grant operations of the Village of Maxwell (the Village) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the Single Audit). The Single Audit was performed in accordance with the proivisions of the OMB Circular Compliance Supplement (Revised May 2023, the Compliance Supplement). Compliance testing of all requirements are described in the Compliance Supplement, which was performed for the grant programs noted below. These programs represent all federal award programs, and other grants with fiscal year 2023 expenditures to ensure coverage of at least 40% (HIGH risk auditee) of federally granted funds. Actual coverage is approximately 92% of the total federal aware program expenditures. Total expenditures were in the amount of $1,165,562. See the Notes to the SEFA for chart/table.
Title: Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the Village under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Becuase the Schedule presents only a selected portion of the operations of the Village, it is not indended to and does not present the financial position and changes in net position of teh Village. All federal programs considered active during the year ended June 30, 2023, are reflected on the Schedule. An active federal program is defined as a federal program for which there were receipts or disbursements of funds or accured (deferred) grant revenue adjustments during the fiscal year or a federal program considered as not copmleted or closed out at the beginning of the fiscal year. The Schedule is prepared using the modified accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when teh Vilage has met the qualifications for the respective grant. Various reimbursement procedures are used for Federal awards received by the Village. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of reimbursable expenditures over receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances covered by differences in timing of cash receipts and expenditureswill be reversed in the remaining grant period. The Village received no non-cash federal assistance during the fiscal year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Village did not use the 10% de minimis indirect cost rate for the year ended June 30, 2023.
As of June 30, 2023, the Village had an outstanding loan balance of $17,041 in conjunction with the U.S. Environmental Protection Agency, passed through the New Mexico Environment Department, loan/grant for upgrades to the Village's water facilities.