Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 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 preparation of, the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not have any outstanding federal loans or loan guarantee programs.
Title: Note 4: Federal Funded Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 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 preparation of, the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not participate in any federally funded insurance programs.
Title: Note 5: Noncash assistance and Other
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 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 preparation of, the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not receive any noncash assistance or federally funded insurance during the year ended December 31, 2022.
Title: Note 6: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 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 preparation of, the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Organization does not believe that such disallowance, if any, would have a material effect on the financial position of the Organization.