Notes to SEFA
Title: Note D. Sub-Recipients
Accounting Policies: Note A. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the NMMF under programs of the federal government for the year ended December 31, 2024. The information in this 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. Because the Schedule presents only a selected portion of the operation of the NMMF, it is not intended to and does not present the financial position, changes in net assets and cash flows of the NMMF.
Note B. Basis of Accounting
This Schedule is prepared on the same basis of accounting as the NMMF financial statements. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
Note C. Relationship of Schedule of Expenditures of Federal Awards to Financial Statements
Consistent with management's policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards on the Schedule does not agree to the total grant and contract revenue on the Statement of Activities and Changes in Net Assets.
De Minimis Rate Used: N
Rate Explanation: The NMMF did not elect to use the 10% de minimis cost rate as allowed under the uniform guidance
Of the federal expenditures included in the Schedule, the NMMF has provided $194,730 to sub-recipients under the Basic and Applied Scientific Research (CFDA 12.300) program and $3,402 under the Unallied Management Projects (CFDS #11.454) program. the NMMF determines subrecipient arrangements based on the criteria outlined in 2 CFRR 200.331, ensuring these entities have the necessary capacity to comply with the federal program requirements.