Title: Note 1. Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Note 2. Non-Cash Assistance
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
The Town did not receive any federal awards in the form of noncash assistance during the year.
Title: Note 3. Subrecipients
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
There are no subrecipients of federal funds as of and for the year ended June 30, 2024.
Title: Note 4. Indirect Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
Title: Note 5. Loans
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
The Town did no expend federal awards related to loans or loan guarantees for the year ended June 30, 2024.
Title: Note 6. Reconciliation of Expenditures
Accounting Policies: The Schedule of Expenditures of Federal Awards contains federal grant activity of the Town of Bernalillo was prepared was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 Us Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The Town has elected to utilize the 10% minimum indirect cost rate when applicable.
The following is a reconiliation of expenditures reported on the schedule of expenditures of federal awards to the expenditures reported in the governmental fund financial statements: See the Notes to the SEFA for chart/table