Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting PrinciplesThe accompanying schedules of expenditures of federal and state awards are presented using theaccrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance andNew Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants,and State Aid, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards present the activity ofall federal and state financial assistance programs of the Organization. The information in theseschedules are presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance) and New Jersey Circular 15-08-OMB, SingleAudit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, someamounts presented in these schedules may differ from amounts presented in or used in thepreparation of the basic financial statements. All federal and state financial assistance receiveddirectly from federal and state agencies are included on the schedules of federal and stateawards. Because the schedules present only a selected portion of the operations of theOrganization, it is not intended to and does not present the financial position, changes in netassets, or cash flows of the Organization.
Title: Sub-recipients
Accounting Policies: Summary of Significant Accounting PrinciplesThe accompanying schedules of expenditures of federal and state awards are presented using theaccrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance andNew Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants,and State Aid, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No federal or state awards were provided to sub-recipients
Title: Relationship to Federal Financial Reports
Accounting Policies: Summary of Significant Accounting PrinciplesThe accompanying schedules of expenditures of federal and state awards are presented using theaccrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance andNew Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants,and State Aid, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The regulations and guidelines governing the preparation of federal and state financial reportsvary by Federal and State agency and among programs administered by the same agency.Accordingly, the amounts reported in the federal and state financial reports do not necessarilyagree with the amounts reported in the accompanying schedules of expenditures of federal andstate awards, which are prepared on the accrual basis explained in Note 2.
Title: Single Audit Type A/Type B Program Threshold
Accounting Policies: Summary of Significant Accounting PrinciplesThe accompanying schedules of expenditures of federal and state awards are presented using theaccrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance andNew Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants,and State Aid, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Singleaudit expenditure threshold requirement is $750,000.