Notes to SEFA
Title: 1) Basis of Presentation
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SNMCAC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Southeast NM Community Action Corporation (“SNMCAC”) under programs of the federal government for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of SNMCAC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SNMCAC.
Title: 2) Summary of Significant Accounting Policies
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SNMCAC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
Title: 3) Indirect Cost Rate
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SNMCAC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
SNMCAC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4) Reconciliation of the Schedule to the Financial Statements
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SNMCAC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following is a reconciliation of the expenses reported in the Schedule to the grants and contracts revenue reported in the financial statements:
Expenses from the schedule of federal expenditures $ 9,707,715
Expenses funded by state and private grants 742,314
Total grants and contracts revenue reported in the
statement of activities $ 10,450,029