Title: Note 2
Accounting Policies: 1.The Council utilizes special revenue funds to account for its federal and state awards.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a special revenue fund. Generally, unused balances are returned to the grantor at the close of the specified project periods.
De Minimis Rate Used: N
Rate Explanation: 4. The Council did not elect to use the 10% de minimus indirect cost rate pro?vided by the Uniform Guidance.
2. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources focus. All federal and state grant funds were accounted for in the Special Revenue Fund, a component of the Governmental Fund type. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.The modified accrual basis of accounting is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the fund liability is incurred, if measurable.Federal and state grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly, when such funds are received, they are recorded as deferred revenues until earned.
Title: Note 3
Accounting Policies: 1.The Council utilizes special revenue funds to account for its federal and state awards.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a special revenue fund. Generally, unused balances are returned to the grantor at the close of the specified project periods.
De Minimis Rate Used: N
Rate Explanation: 4. The Council did not elect to use the 10% de minimus indirect cost rate pro?vided by the Uniform Guidance.
3. The 211 Program expenditures totaling $1,061 are not considered federal expenditures and are not included in the schedule of expenditures of federal awards. The expenditures are presented in amounts equal to the grant revenues. Similarly, the Council expended $42,472 in program funds granted by the Criminal Justice Division that are not considered federal expenditures and are also not included in the schedule of expenditures of federal awards. These grants are administered through inter-local agreements.
Title: Note 5
Accounting Policies: 1.The Council utilizes special revenue funds to account for its federal and state awards.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a special revenue fund. Generally, unused balances are returned to the grantor at the close of the specified project periods.
De Minimis Rate Used: N
Rate Explanation: 4. The Council did not elect to use the 10% de minimus indirect cost rate pro?vided by the Uniform Guidance.
Please see Note 5 on page 82 of Notes to the Schedule of Expenditures of Federal and State Awards in the Middle Rio Grande Development Council Annual Financial and Compliance Report for the year ended September 30, 2022.
Title: Note 6
Accounting Policies: 1.The Council utilizes special revenue funds to account for its federal and state awards.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a special revenue fund. Generally, unused balances are returned to the grantor at the close of the specified project periods.
De Minimis Rate Used: N
Rate Explanation: 4. The Council did not elect to use the 10% de minimus indirect cost rate pro?vided by the Uniform Guidance.
6. There were no loan or loan guarantee programs outstanding as of September 30, 2022.
Title: Note 7
Accounting Policies: 1.The Council utilizes special revenue funds to account for its federal and state awards.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a special revenue fund. Generally, unused balances are returned to the grantor at the close of the specified project periods.
De Minimis Rate Used: N
Rate Explanation: 4. The Council did not elect to use the 10% de minimus indirect cost rate pro?vided by the Uniform Guidance.
7. There were no grant sub-recipients during the year.