Notes to SEFA
The Schedule of Expenditures of Federal Awards contains federal grant activity of the State of New Mexico, Economic Development Department (Department) and was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The Department did not receive any federal awards in the form of noncash assistance during the year.
The following is a reconciliation of expenditures reported on the schedule of expenditures of federal awards to the expenditures reported in the governmental fund financial statements:
The Department had several sub-recipients of federal funds in the year ended June 30, 2025. Subrecipients included local governments, businesses and organizations.
The Department has elected to utilize the 10% minimum indirect cost rate when applicable.
The Department did not expend federal awards related to loans or loan guarantees for the year ended June 30, 2025.