Audit 304923

Title: BASIS OF PRESENTATION Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedules are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expneditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: INDIRECT COST - New Jersey Manufacturing Extension Program, Inc. does not have a federally negotiated indirect cost rate and has not elected to use the 10 percent de minmis cost rate as covered in Section 200.414 in the Uniform Guidance. The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal and state award activity of the New Jersey Manufacturing Extension Program, Inc. ("the Program") under programs of the federal and New Jersey state governments for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance:) and State of New Jersey, Department of Treasury, OMB Policy Circular 15-08-OMB ("NJ Circular 15-08-OMB"). Because the Schedules present only a selected portion of the operations of the Program, they are not intended to and do not present the financial position, chnages in net assets, or cash flows of the Program.