Notes to SEFA
Accounting Policies: NOTE 1:GENERALThe accompanying schedule of expenditures of federal awards present the activity of all federal award programs of the Borough of North Plainfield, County of Somerset, New Jersey. The Borough of North Plainfield is defined in Note 2(A) to the financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included on the schedule of expenditures of federal awards. NOTE 2:BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This regulatory basis of accounting is described in Note 2(C) to Borough of North Plainfield's financial statements. NOTE 3:RELATIONSHIP TO GENERAL FINANCIAL STATEMENTS Unless specifically noted, the amounts reported in the accompanying schedule agree with amounts reported in Borough of North Plainfield's financial statements. NOTE 4: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS Unless specifically required, the amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports, where required.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.