Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the accompanying schedules of expenditures of federal and state awards are reported on the budgetary basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedules of expenditures of Federal and state awards includes the federal and
state grant activity of the County College of Morris under programs of the federal and state
governments for the fiscal year ended June 30, 2023. The information in these schedules is presented
in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”) and New Jersey’s OMB Circular 15-08, Single Audit Policy for Recipients of
Federal Grants, State Grants and State Aid. Because the schedules present only a selected portion of
the operations of the College, they are not intended to and do not present the financial position,
changes in net position or cash flows of the College
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the accompanying schedules of expenditures of federal and state awards are reported on the budgetary basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the accompanying schedules of expenditures of federal and state
awards are reported on the accrual basis of accounting.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the accompanying schedules of expenditures of federal and state awards are reported on the budgetary basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance