Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: THE ACCOMPANYING SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS INCLUDE THE FEDERAL AND STATE ACTIVITY OF MERCER STREET FRIENDS CENTER ("CENTER") AND ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULES IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS AND NEW JERSEY OFFICE OF MANAGEMENT AND BUDGET CIRCULAR LETTER 15-08. THEREFORE, SOME AMOUNTS PRESENTED IN THESE SCHEDULES MAY DIFFER FROM AMOUNT PRESENTED IN, OR USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
DURING THE YEAR ENDED JUNE 30, 2022, THE CENTER DID NOT PROVIDE ANY FUNDS RELATING TO THEIR FEDERAL AND STATE PROGRAMS TO SUBRECIPIENTS
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: THE ACCOMPANYING SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS INCLUDE THE FEDERAL AND STATE ACTIVITY OF MERCER STREET FRIENDS CENTER ("CENTER") AND ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULES IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS AND NEW JERSEY OFFICE OF MANAGEMENT AND BUDGET CIRCULAR LETTER 15-08. THEREFORE, SOME AMOUNTS PRESENTED IN THESE SCHEDULES MAY DIFFER FROM AMOUNT PRESENTED IN, OR USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
AS OF JUNE 30, 2022, THE CENTER DID NOT HAVE ANY FEDERAL OR STATE LOAN OR LOAN GUARANTEE PROGRAMS