Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basisof accounting which is described in Note 2 to the financial statements. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Passthrough entityidentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Organization. The information in this schedule 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 New Jersey State Circular 1508OMB, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financialstatements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basisof accounting which is described in Note 2 to the financial statements. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Passthrough entityidentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
Of the federal expenditures presented in the schedule of expenditures of federal awards, the Organization provided federal awards of $52,400 to subrecipients.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basisof accounting which is described in Note 2 to the financial statements. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Passthrough entityidentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
The regulations and guidelines governing the preparation of federal financial reports vary by Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying schedule of expenditures of federal awards, which is prepared on the accrual basis explained in Note 2.
Title: Single Audit Type A/Type B Program Threshold
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basisof accounting which is described in Note 2 to the financial statements. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Passthrough entityidentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single audit requirement is $750,000.