Notes to SEFA
Accounting Policies: Note 1: General - The accompanying schedules of expenditures of awards present the activity of all federal and state financial assistance programs of the Township of Milford. The Township is defined in Note IA to the Townships financial statements. All federal and state financial assistance received directly from federal and state financial assistance passed through other government agencies is included on the schedules of expenditures of federal and state awards. NOTE 2: BASIS OF ACCOUNTING -The accompanying schedules of expenditures of awards are presented using the modified accrual basis of accounting as prescribed for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This basis of accounting is described in Note 1B to the Townships financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.