Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Eastern New Mexico University (the “University”) and is presented on the accrual basis of accounting, which is the same basis as was used to prepare the 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). Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when suchfunds are received, they are recorded as unearned revenues until earned.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the allowed 10% indirect cost rate. A lower rate of 8% is used for the programs, or as allowed 45.5% of salaries and wages.