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 Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
All federal grant operations of Region IX Education Cooperative (the “Cooperative”) 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 provisions of the OMB Circular Compliance Supplement (Revised May 2024 the “Compliance Supplement”). Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent all federal award programs and other grants with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 86% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $19,225,933 and all non-cash expenditures amounted to $0.
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 Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
The Cooperative had two federal program, Head Start number #93.600 and COVID Cares Act Assistance number #84.425D and #84.425U, considered to be a High-Risk Type A program for the year ended June 30, 2024.
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 Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
The U.S. Department of Health and Human Services is the Cooperative’s oversight agency for single audit.
Title: INDIRECT COSTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
Basis of presentation The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative. All federal programs considered active during the year ended June 30, 2024, 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 accrued (deferred) grant revenue adjustments during the fiscal year or a federal program considered as not completed or closed out at the beginning of the fiscal year. The Schedule is prepared using the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Cooperative has met the qualifications for the respective grant.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Cooperative under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position and changes in net position of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10% de minimis indirect cost. New Mexico Department of Education has allowed the Cooperative an indirect cost rate of 8.00%.
Accrued and deferred reimbursements Various reimbursement procedures are used for Federal awards received by the Cooperative. 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 balance at year-end represents an excess of cash receipts over reimbursable expenditure to date. Generally, accrued or deferred balances covered by differences in the timing of cash receipts and expenditures will be reversed in the remaining grant period.