Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal financial assistance programs of the State of New Mexico, Socorro County, (the “County”), and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
General
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal financial assistance programs of the State of New Mexico, Socorro County, (the “County”), and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Cost Rate
The County has elected not to use the 10% de minimis indirect cost rate.
Loans
The County did not expend federal awards related to loans or loan guarantees during the year.
Federally Funded Insurance
The County has no federally funded insurance.
Title: Federal Award Identification Numbers
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal financial assistance programs of the State of New Mexico, Socorro County, (the “County”), and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
The federal granting agency is responsible for providing the County with the Assistance Listing Number (ALN) for each grant or contract. In cases where the federal granting agency did not provide the ALN to the County, other identifying numbers are presented on the Schedule.
In addition, for pass-through awards, the pass-through granting agencies are responsible for providing the County with pass-through grantor numbers. In cases where the pass-through granting agency did not provide this number to the County, it is blank on the Schedule.