Notes to SEFA
Title: Note 1
Accounting Policies: Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Expenditures are recognized as accrued and paid by the District.
De Minimis Rate Used: N
Rate Explanation: The District is using the indirect cost rates established by New Mexico Public Education Department.
The accompanying schedule of expenditures of Federal awards includes the Federal awards activity, under programs of the federal government for the year ended June 30, 2023 in accordance with the requirements of Title 2 U.S. code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the District , it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District.
Title: Note 2
Accounting Policies: Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Expenditures are recognized as accrued and paid by the District.
De Minimis Rate Used: N
Rate Explanation: The District is using the indirect cost rates established by New Mexico Public Education Department.
The District has elected to not use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
Title: Note 3
Accounting Policies: Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Expenditures are recognized as accrued and paid by the District.
De Minimis Rate Used: N
Rate Explanation: The District is using the indirect cost rates established by New Mexico Public Education Department.
Non-Monetary assistance of $87,489 is included in the schedule at fair market value of the commodities received from the Department of Agriculture.