Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of NMMEP under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the Requirements, Cost Principals and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of NMMEP, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NMMEP. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.