Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the New Mexico Consortium and its Subsidiaries (the “Consortium”) under programs of the federal government for the year ended June 30, 2025. Because the Schedule presents only a selected portion of the operations of the Consortium, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Consortium.
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. Pass-through entity identifying numbers are presented where available.
The Consortium has elected not to use the applicable de minimis indirect cost rate allowed under the Uniform Guidance.
All of the programs in the Schedule are considered part of the Consortium’s research and development cluster.
The Consortium did not receive any non-cash assistance, there was no insurance in effect during the year, and no federal loan guarantees are outstanding at year-end.
Of the federal expenditures presented in the Schedule, the Consortium provided federal awards to the following subrecipients:
The following is a reconciliation of the expenditures reported in the Schedule to the expenditures reported in the consolidated financial statements: