Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of the Aztec
Municipal School District No. 2 and is presented on the modified accrual basis of accounting, which is the same basis as was
used to prepare the fund financial statements. The information in this Schedule is presented in accordance with the
requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in
the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the allowed 10% indirect cost rate.