Notes to SEFA
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis ofaccounting in accordance with the "Requirements of Audit" as promulgated by the State of New Jersey,Department of Community Affairs, Division of Local Government Services. Such principles and practicesare designed primarily for determining compliance with legal provisions and budgetary restrictions and asa means of reporting on the stewardship of public officials with respect to public funds. Under thismethod of accounting, the City accounts for its financial transactions through separate funds, which differfrom the funds required by accounting principles generally accepted in the United States of America(GAAP). The City has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.