Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are
presented using the accrual basis of accounting. This basis of accounting is described in note 1 to the
Authority's basic financial statements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey
Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedules of expenditures of federal awards and state financial assistance (the
“schedules”) include federal and state award activity of the Mount Laurel Township Municipal Utilities
Authority (hereafter referred to as the “Authority”) under programs of the federal government and state
government for the fiscal year ended June 30, 2023. The Authority is defined in note 1 to the
Authority's basic financial statements. The information in these schedules is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance) and State of New Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal
Grants, State Grants and State Aid. All federal and state awards received directly from federal and state
agencies, as well as federal and state financial assistance passed through other government agencies,
are included on these schedules. Because these schedules present only a selected portion of the
operations of the Authority, they are not intended to and do not present the financial position and
changes in net position of the Authority.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are
presented using the accrual basis of accounting. This basis of accounting is described in note 1 to the
Authority's basic financial statements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey
Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with amounts reported in the Authority's basic
financial statements.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are
presented using the accrual basis of accounting. This basis of accounting is described in note 1 to the
Authority's basic financial statements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey
Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
Title: ADJUSTMENTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are
presented using the accrual basis of accounting. This basis of accounting is described in note 1 to the
Authority's basic financial statements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey
Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the column entitled "adjustments" labeled with (a) represent amounts that were
expended in the previous year before the grant was awarded and reimbursed with grant funds.
Amounts reported in the column entitled "adjustments" labeled with (b) represent amounts that were
adjusted for amounts that were identified as federal funds during the current fiscal year.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are
presented using the accrual basis of accounting. This basis of accounting is described in note 1 to the
Authority's basic financial statements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey
Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings
and Questioned Costs.