Title: Relationship to Federal & State Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and State financial assistance programs of the Township of Ocean, County of Monmouth, New Jersey. All federal financial assistance received directly from federal or state agencies, as well as federal and assistance passed through other government agencies are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance. The accompanying schedule of expenditures of federal awards and schedule of state financial assistance are 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 than generally accepted accounting principles. The basis of accounting, with exceptions, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. In addition, the Township has not elected to use the de minimus cost rate as covered in 2 CFR 200.414 (F&AS) costs.
Title: Relationship to Financial Statements - Regulatory Basis
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and State financial assistance programs of the Township of Ocean, County of Monmouth, New Jersey. All federal financial assistance received directly from federal or state agencies, as well as federal and assistance passed through other government agencies are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance. The accompanying schedule of expenditures of federal awards and schedule of state financial assistance are 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 than generally accepted accounting principles. The basis of accounting, with exceptions, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with amounts reported in the Township’s regulatory basis financial statements. These amounts are reported in the Current Fund, Grant Fund and General Capital Fund.
Title: Other
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and State financial assistance programs of the Township of Ocean, County of Monmouth, New Jersey. All federal financial assistance received directly from federal or state agencies, as well as federal and assistance passed through other government agencies are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance. The accompanying schedule of expenditures of federal awards and schedule of state financial assistance are 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 than generally accepted accounting principles. The basis of accounting, with exceptions, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: N/A
Matching contributions expended by the Township in accordance with terms of the various grants are not reported in the accompanying schedules.