Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards include federal award activity of the Board of Education of the New Providence School District. 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. The accompanying Schedule of Expenditures of Awards is presented on the budgetary basis of accounting. These bases of accounting are described in Note 1 to the Boards basic financial statements. The information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.