Title: NOTE 1 GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial awards of the Borough of Beachwood, County of Ocean, State of New Jersey. All federal financial awards received directly from federal agencies, as well as federal financial awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards.
Title: NOTE 2 BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
Title: NOTE 3 RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Title: NOTE 4 RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Amounts reported in the accompanying schedule agree with amounts reported in the Borough’s regulatory basis financial statements. These amounts are reported in the Current Fund. Reconciliations of revenues and expenses are presented on the following page.
Title: NOTE 5 OTHER
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Borough has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.