Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activities of all federal awards of New Mexico Finance Authority (NMFA). It is presented on the accrual basis of accounting, which is described in Note 1 to NMFA’s basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activities of all federal awards of New Mexico Finance Authority (NMFA). It is presented on the accrual basis of accounting, which is described in Note 1 to NMFA’s basic Financial Statements.
In fiscal year 2024, NMFA administered federal funds from the DWSRLF program, which was administered with NMFA as the primary recipient, as mandated by State statute. All of the funds expended under this program were used for grant-loans to water utility systems in the state and to cover administrative costs.
DWSRLF (Federal Assistance Listing Number 66.468) – NMFA has administered the Drinking Water State Revolving Loan Fund (DWSRLF) program since 1997. The outstanding balance on the loans at June 30, 2024, was $79,505,847. NMFA uses a negotiated indirect cost rate approved by the grantor. NMFA has elected not to use the 10 percent de minimis indirect cost rate as allowed in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The Schedule below presents only a selected portion of the operations of NMFA, in accordance with Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. Only the value of new loans disbursed during fiscal year 2024 is included in the accompanying Schedule. These are subawards—not direct federal loans—and, therefore, neither two CFR sections 200.502(b) nor (d) apply when calculating the amount of federal funds expended.
Title: Subrecipients, Including Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activities of all federal awards of New Mexico Finance Authority (NMFA). It is presented on the accrual basis of accounting, which is described in Note 1 to NMFA’s basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Subrecipient Name: Awards Loan Total
Camino Real Regional Utility Authority $ 639,744 $ 423,138 $ 1,062,882
Chippeway Park Water Association 8,009 2,670 1 0,679
City Of Las Vegas 1,242,295 414,098 1,656,393
City Of Truth Or Consequences 538,997 538,996 1,077,993
City Of Tucumcari 7 6,665 2 5,555 102,220
Dixon Mutual Domestic Water Consumers Association 2 0,266 6,756 2 7,022
Eldorado Area Water And Sanitation District 124,192 378,320 502,512
Enchanted Forest Mutual Domestic Water Consumers Association 6 7,038 2 2,346 8 9,384
French Mutual Domestic Water Consumers And Mutual Sewage Works Association 3 4,555 1 1,518 4 6,073
Los Alamos County 7,124 937,351 944,475
Lower Rio Grande Public Water Works Authority 960,957 2,496,665 3,457,622
Mountain Orchard Mutual Domestic Water Association 5,441 1,814 7,255
New Mexico Environmental Department 3,145,017 - 3,145,017
Taos Pueblo 190,861 6 3,620 254,481
Village Of Hatch 1 2,148 4,049 1 6,197
Village Of Magdalena 6 4,195 2 1,398 8 5,593
Village Of Maxwell 431,264 143,755 575,019
Total Expenditures of Federal Awards $ 7,568,768 $ 5,492,049 $ 13,060,817
Reconciliation of Federal Funds
NMFA Admin Set-Aside EPA Grant $ 30,392
Awards provided to subrecipients 7,568,768
Loans and loan guaranties provided to subrecipients 5,492,049
Total Expenditure of Federal Funds $ 13,091,209