Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See note 1.
De Minimis Rate Used: N
Rate Explanation: The District did no t use the 10% de minims cost rate for the current year.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Estancia Municipal School District No. 7 for the year ended June 30, 2024 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the Estancia Municipal Schools.
Title: Non-Cash Assistance
Accounting Policies: See note 1.
De Minimis Rate Used: N
Rate Explanation: The District did no t use the 10% de minims cost rate for the current year.
The District did not receive non-cash federal assistance for the year ended June 30, 2024.
Title: Sub Recipients
Accounting Policies: See note 1.
De Minimis Rate Used: N
Rate Explanation: The District did no t use the 10% de minims cost rate for the current year.
The District provided no federal awards to sub recipients for the year ended June 30, 2024.