Notes to SEFA
Title: Note 1 - General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Trade Alliance (Alliance) for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Alliance's basic financial statements. The Alliance does not receive any non-cash federal assistance.
De Minimis Rate Used: Y
Rate Explanation: The Alliance does not have an indirect cost rate and has opted to use 10% de minimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Trade Alliance (Alliance) for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance).
Title: Note 2 - Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Trade Alliance (Alliance) for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Alliance's basic financial statements. The Alliance does not receive any non-cash federal assistance.
De Minimis Rate Used: Y
Rate Explanation: The Alliance does not have an indirect cost rate and has opted to use 10% de minimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Alliance's basic financial statements.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Trade Alliance (Alliance) for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Alliance's basic financial statements. The Alliance does not receive any non-cash federal assistance.
De Minimis Rate Used: Y
Rate Explanation: The Alliance does not have an indirect cost rate and has opted to use 10% de minimus indirect cost rate.
The Alliance does not have an indirect cost rate and has opted to use 10% de minimus indirect cost rate.
Title: Note 4 - Non-Cash Federal Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Trade Alliance (Alliance) for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Alliance's basic financial statements. The Alliance does not receive any non-cash federal assistance.
De Minimis Rate Used: Y
Rate Explanation: The Alliance does not have an indirect cost rate and has opted to use 10% de minimus indirect cost rate.
The Alliance does not receive any non-cash federal assistance.