Notes to SEFA
Title: Relationship to Basic Regulatory Basis Financial Statements
Accounting Policies: GeneralThe accompanying schedule of expenditures of federal awards present the activity of all federal awards programs of the Township of Mount Olive (Township). The Township is defined in Note 1 to the Townships financial statements. To the extent identified, the federal awards that passed through other governmental agencies is included on the schedule of expenditures of federal awards. 2.Basis of AccountingThe accompanying schedule is presented using the regulatory basis of accounting prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Townships financial statements
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule agrees with amounts reported in the Townships financial statements
Title: Relationship to Federal Financial Reports
Accounting Policies: GeneralThe accompanying schedule of expenditures of federal awards present the activity of all federal awards programs of the Township of Mount Olive (Township). The Township is defined in Note 1 to the Townships financial statements. To the extent identified, the federal awards that passed through other governmental agencies is included on the schedule of expenditures of federal awards. 2.Basis of AccountingThe accompanying schedule is presented using the regulatory basis of accounting prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Townships financial statements
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule of expenditures of federal awards agree with the amounts reported in the related federal financial reports, where required.
Title: State Loan Outstanding
Accounting Policies: GeneralThe accompanying schedule of expenditures of federal awards present the activity of all federal awards programs of the Township of Mount Olive (Township). The Township is defined in Note 1 to the Townships financial statements. To the extent identified, the federal awards that passed through other governmental agencies is included on the schedule of expenditures of federal awards. 2.Basis of AccountingThe accompanying schedule is presented using the regulatory basis of accounting prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Townships financial statements
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Townships state loans outstanding at December 31, 2022, which are not required to be reported on the schedule of expenditures of state financial assistance, are as follows:Loan Program - State NJEIT Loans$180,332