Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Estancia Municipal School District No. 7 (the District) for the year ended June 30, 2025 and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Because the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the Estancia Municipal School District No. 7.
The District did not receive non-cash federal assistance for the year ended June 30, 2025.
The District provided no federal awards to sub recipients for the year ended June 30, 2025.
The District did not use the 15% de minims cost rate for the current year.
Total federal expenditures reported on the Schedule of Expenditures of Federal Awards (SEFA) for the year ended June 30, 2025 totaled $1,283,031. Federal revenue reported in the Statement of Revenues, Expenditures, and Changes in Fund Balances totaled $1,249,918. The difference of $33,113 represents federal expenditures incurred during the fiscal year that were not recognized as revenue in the governmental funds due to timing differences related to reimbursement and the modified accrual basis of accounting.