Title: 1. BASIS OF ACCOUNTING
Accounting Policies: 1. BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
Title: 2. INDIRECT RATE
Accounting Policies: 1. BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
INDIRECT RATE
The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3. PASS-THROUGH PROGRAMS
Accounting Policies: 1. BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
When the Corporation receives federal funds from a government entity other than the federal government (“pass-through”), the funds are accumulated based upon the Assistance Listing Number (ALN) advised by the pass-through grantor.
Title: 5. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: 1. BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of Federal and state financial reports vary by state and Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal and state financial reports do not necessarily agree with the amounts reported in the accompanying Schedule of Expenditures of Federal Awards, which is prepared as explained in Note 1
above.
Title: 6. ALN 20.515 CLASSIFIED TO ALN 20.505
Accounting Policies: 1. BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of New Jersey Transit Corporation (“NJ TRANSIT” or the “Corporation”). The information in this schedule 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. Because the Schedule presents only a selected portion of the operations of NJ TRANSIT, it is not intended to and does not present the financial position, changes in net position, or cash flows of NJ TRANSIT.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - Expenditures reported on the Schedule of Expenditures of Federal Awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
CONSOLIDATED FINANCIAL STATEMENTS - The accounts are maintained, and financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States as they relate to enterprise funds of state and local governmental units and accordingly follow all applicable Governmental Accounting Standards Board pronouncements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
To assist in development of coordinated metropolitan and state transportation improvement programs, longrange transportation plans, and other technical studies in a program for a unified and officially coordinated Statewide Transportation system and Metropolitan Transportation system(s) within the state, the U.S. Department of Transportation has discontinued ALN 20.515. In 2014, ALN 20.515 merged with ALN 20.505 and is to be reported under ALN 20.505. The ALN 20.505 incorporates both the Statewide Transportation system and the Metropolitan Transportation system into one ALN