Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Borough of Roselle, County of Union, New Jersey. All federal awards received directly from federal agencies, as well as federal financial awards passed through other government agencies is included on the Schedules of Expenditures of Federal Awards.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis. The Borough has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal financial reports.
Title: Relationship to Financial Statements - Regulatory Basis
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the Borough’s regulatory basis financial statements. These amounts are reported in either the Current Fund, General Capital Fund or Trust Other Fund.
Title: Other
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedule.