Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Jemez Valley Public School District No. 31 and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this Schedule is presented in accordance with the requirements ofUniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Jemez Valley Public School District No. 31 and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this Schedule is presented in accordance with the requirements ofUniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District has no federally funded insurance.
Title: Note 5: Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Jemez Valley Public School District No. 31 and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this Schedule is presented in accordance with the requirements ofUniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District expended noncash assistance in the form of commodities provided by USDA.
Title: Note 6: Reconciliation of Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Jemez Valley Public School District No. 31 and is presented on the modifiedaccrual basis of accounting, which is the same basis as was used to prepare the fund financialstatements. The information in this Schedule is presented in accordance with the requirements ofUniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Refer to table in report on page 203