Notes to SEFA
Title: NOTE 1: GENERAL
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of Cooperative Business Assistance Corporation and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance), and New Jersey State Treasury Circular Letter 15-08-OMB, Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
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 and schedule of expenditures of state financial assistance present the activity of all federal awards and state financial assistance of the Organization. The Organization is defined in Note 1 of the Notes to the Financial Statements. All federal awards and state financial assistance passed through other governmental agencies are included on the schedule of expenditures of federal awards and schedule of state financial assistance.
Title: NOTE 2: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of Cooperative Business Assistance Corporation and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance), and New Jersey State Treasury Circular Letter 15-08-OMB, Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of Cooperative Business Assistance Corporation and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance), and New Jersey State Treasury Circular Letter 15-08-OMB, Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.