Notes to SEFA
Title: Relationship to Financial Statements:
Accounting Policies: General:
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state award programs of the Township of South Brunswick. The Township is defined in Note 1 to the financial statements. To the extent identified, the federal and state awards that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting:
The accompanying schedules are presented using the regulatory basis of accounting as prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 2 to the Township’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Amounts reported in the accompanying schedules agree with amounts reported in the Township’s financial statements.
Title: Relationship to Federal and State Reports:
Accounting Policies: General:
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state award programs of the Township of South Brunswick. The Township is defined in Note 1 to the financial statements. To the extent identified, the federal and state awards that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting:
The accompanying schedules are presented using the regulatory basis of accounting as prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 2 to the Township’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Amounts reported in the accompanying schedules of expenditures of federal awards and state financial assistance agree with the amounts reported in the related federal and state financial reports, where required.