Notes to SEFA
The Schedule of Expenditures of Federal Awards contains federal grant activity of Valencia County, New Mexico (the “County”), 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 federal granting agency is responsible for providing the County with the Assistance Listing Number, for each grant or contract. In cases where the federal granting agency did not provide the Assistance Listing Number to the County and it was not otherwise determinable, it is noted as “not available” on the schedule of expenditures of federal awards.
The County 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 federal revenues reported in the governmental fund financial statements:
The County did not pass through any federal assistance awards to subrecipients for the year ended June 30, 2025.
The County has elected to utilize the 15% minimum indirect cost rate when applicable.
The County did not expend federal awards related to loans or loan guarantees for the year ended June 30, 2025.