Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the State of New Mexico Department of Finance and Administration and is presented on the modified 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 Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in the Office of Management and Budget Circular A-133, Audits of State, Local Governments, and Nonprofit Organizations, or the cost principles contained in Uniform Guidance.
The Department has elected not to use the 10-percent de minimis indirect cost rate allowed under 2 CFR §200.414.
The Department did not receive noncash federal assistance during the year ended June 30, 2025.
The Department does not have any loans outstanding with the Federal government at June 30, 2025.
See the Notes to the SEFA for chart/table.