Notes to SEFA
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These bases of accounting are described in Note 2 to the Board's basic financial statements. The information in these schedules are presented in accordance with the requirements of 2 CFR 200-Uiform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMB Circular 15-08. "Single Audit Policy for Recipients of Federal Grants, State Grants, and Swtate Aid".
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.