Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Association's basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Association had an indirect cost rate of deminimus 10% for a portion of the year.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the New Mexico Association of Counties (Association) for the year ended June 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance).
Title: Non-Cash Federal Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note B to the Association's basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Association had an indirect cost rate of deminimus 10% for a portion of the year.
The Association does not receive any non-cash federal assistance.