Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the NMVIC andpresented on the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NMVIC had no subrecipients for the year ended September 30, 2022.
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the NMVIC andpresented on the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Noncash assistance recorded in the Schedule consists of food Commodities donated by the USDA (The Emergency Food Assistance Program, or TEFAP, AL 10.569) and passed through the Roadrunner Food Bank, Inc. to NMVIC. The donated food commodities are valued at the estimated fair value of $1.53 per pound (as valued by Feeding America). NMVIC's accounting policy for donated inventories is more fully described in Note 1-I to the financial statements and follows accounting principles generally accepted in the United States of America.