Notes to SEFA
Title: NOTE 3: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of Federal Awards present the activity of all federal financial assistance programs of the City of Lambertville, County of Hunterdon, New Jersey. All federal awards received directly from federal, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards. The accompanying schedule of expenditures of financial assistance are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Citys financial statements - regulatory basis.
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 agree with the amounts reported in the related federal financial reports.
Title: NOTE 4: RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Accounting Policies: The accompanying schedule of expenditures of Federal Awards present the activity of all federal financial assistance programs of the City of Lambertville, County of Hunterdon, New Jersey. All federal awards received directly from federal, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards. The accompanying schedule of expenditures of financial assistance are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Citys financial statements - regulatory basis.
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 agree with amounts reported in the Townships statutory basis financial statements. These amounts are reported either in the Current Fund, Grant Fund or General Capital Fund. See Notes to the SEFA table.
Title: NOTE 4: OTHER
Accounting Policies: The accompanying schedule of expenditures of Federal Awards present the activity of all federal financial assistance programs of the City of Lambertville, County of Hunterdon, New Jersey. All federal awards received directly from federal, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards. The accompanying schedule of expenditures of financial assistance are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Citys financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching contributions expended by the City in accordance with terms of the various grants are not reported in the accompanying schedules.