Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is thesame basis as was used to prepare the fund financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Socorro Consolidated Schools (District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in
Title: Non-Cash Federal Assitance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is thesame basis as was used to prepare the fund financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District receives USDA Commondities for use in sponsoring the National School Lunch and Breakfast programs. Per USDA guidance (FPI182), donated USDA commodities should be grouped with the National School Lunch Program and use the same Assistance Listing number as the National School Lunch Program. The value of commodites received for the year ended June 30, 2022 was $78,939. Commodities are recorded as revenues and expenditures in the Food Service fund.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is thesame basis as was used to prepare the fund financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the New Mexico Public Education Department reimbursed the District for indirect costs at 4.45%. Socorro Consolidated Schools did not elect to use the 10% de minimis indirect cost rate.