Notes to SEFA
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the Schedules) havebeenprepared in the format required under Uniform Guidance and New Jersey Office of Management and Budget CircularLetter 1508, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. The purpose of these Schedules istopresent a summary of those activities of the University for the year ended June 30, 2019 which have been financed bytheFederal government and State of New Jersey. For purposes of these Schedules, Federal awards and State of NewJerseyAwards include any assistance provided by a Federal and State agency directly or indirectly in the form of grants,contracts,cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, andother noncash assistance. Because these Schedules present only a selected portion of the activities of the University, they arenotintended to, and do not, present the financial position, changes in fund balances or the current funds revenues,expenditures,and other changes of the University in conformity with generally accepted accounting principles. The accountingpracticefollowed by the University in preparing the accompanying Schedules is as follows: Expenditures for direct costs arerecognizedas incurred using the accrual method of accounting contained in the Uniform Guidance. Under those cost principles,certaintypes of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.