Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of federal award programs administered by the District, which is described in Note 1 to the District's accompanying financial statements, using the modified accrual basis of accounting. federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
The District did not provide any federal awards to sub recipients during the year.
The Cooperative receives no non cash federal assistance.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Cooperative's federal award programs have been charged with indirect costs, based upon a rate established by the State of New Mexico, and the Cooperative has elected not to use the 15% deminimis indirect cost rate allowed under the Uniform Guidance applied to overall expenditures. The Cooperative's indirect cost rate for the year was 8.00%.
Matching costs (the Cooperative's share of certain program costs) are not included in the reported expenditures. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Cooperative's financial reporting system.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Cooperative's casualty insurance policies.
There were no loans or loan guarantees outstanding at year-end.