Notes to SEFA
Title: Federally Funded Insurance
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
award activity of the Doña Ana Mutual Domestic Water Consumers Association under programs of
the federal government for the year ended June 30, 2024. The information in this Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion or the operations of the
Association, it is not intended to and does not present the financial position, changes in net position or
cash flows of the Association.
Note 2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the allowed 10% indirect cost rate.
The Association has no federally funded insurance.
Title: Loan
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
award activity of the Doña Ana Mutual Domestic Water Consumers Association under programs of
the federal government for the year ended June 30, 2024. The information in this Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion or the operations of the
Association, it is not intended to and does not present the financial position, changes in net position or
cash flows of the Association.
Note 2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the allowed 10% indirect cost rate.
The Association entered into an agreement with the United States Department of Agriculture
(“USDA”) in August 2, 2023, for the SE Collection System project. The outstanding balance of the
loan as of June 30, 2024, is as follows:
Assistance
Listing No.
Amount
Outstanding
Program Title:
Water and Waste Disposal Systems for Rural
Communities 10.760 $5,317,435