Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of Middle Rio Grande Conservancy District of the State of New Mexico (District)and is presented on the modified accrual basis of accounting, which is the same basis as wasused to prepare the fund financial statements. The information in this schedule is presented inaccordance with the requirements of Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of,the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of Middle Rio Grande Conservancy District of the State of New Mexico (District)and is presented on the modified accrual basis of accounting, which is the same basis as wasused to prepare the fund financial statements. The information in this schedule is presented inaccordance with the requirements of Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of,the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District has no federally funded insurance.
Title: Note 5: Reconciliation of Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of Middle Rio Grande Conservancy District of the State of New Mexico (District)and is presented on the modified accrual basis of accounting, which is the same basis as wasused to prepare the fund financial statements. The information in this schedule is presented inaccordance with the requirements of Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of,the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See table in report on page 123