Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state grant activity of the Organization and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of New Jersey, Office of Management and Budget, Circular Letter 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the de minimis cost rate when allocation costs to federal and state programs.
During the year ended June 30, 2023, the Organization did not provide any funds relating to their federal or state programs to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state grant activity of the Organization and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of New Jersey, Office of Management and Budget, Circular Letter 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the de minimis cost rate when allocation costs to federal and state programs.
As of June 30, 2023, the Organization did not have any federal or state loan or loan guarantee programs.