Notes to SEFA
Accounting Policies: NOTE 1. GENERALThe accompanying schedules of expenditures of federal awards and state financial assistanceinclude federal and state award activity of the Board of Trustees, Thomas Edison EnergySmartCharter School. The Board of Trustees is defined in Note 1 to the Boards basic financialstatements. All federal and state awards received directly from federal and state agencies, aswell as federal awards and state financial assistance passed through other government agenciesis included on the schedules of expenditures of federal awards and state financial assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of awards and financial assistance are presentedon the budgetary basis of accounting with the exception of programs recorded in the food servicefund, which are presented using the accrual basis of accounting. These bases of accounting aredescribed in Note 1 to the Boards basic financial statements. The information in these schedulesare presented in accordance with the requirements of 2 CFR 200 Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards and the New JerseyOMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, andState Aid. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the presentation of, the basic financial statements. This does not applyto charter schools as districts are not permitted to defer the June payments to charter schools.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.