Notes to SEFA
Accounting Policies: The Schools schedules of expenditures of awards and financial assistance are presented on thebudgetary basis of accounting. This basis of accounting is described in Note 1 to the boardsbasic financial statements. The information in this schedule is presented in accordance with therequirements of Title 2 CFR 200 Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, Single AuditPolicy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some amountspresented in these schedules may differ from amounts presented in, or used in the preparationof, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.