Notes to SEFA
Title: Note 1 GENERAL
Accounting Policies: See Form
De Minimis Rate Used: N
Rate Explanation: Indiect costs not charged
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial programs of the Borough of Freehold, County of Monmouth, New Jersery. All federal financial assistance received directly from federal agencies, as well as federal passed through othe government agencies is included in the Schedule of Expenditures of Federal Awards.
Title: Note 2 Basis of Accounting
Accounting Policies: See Form
De Minimis Rate Used: N
Rate Explanation: Indiect costs not charged
The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, presecribed 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 Borough's financial statements - regulatory basis.
Title: Note 3 Relatiohsip to Federal Financial Reports.
Accounting Policies: See Form
De Minimis Rate Used: N
Rate Explanation: Indiect costs not charged
Amounts reported in the accompanying schedule agrees wit the amounts reported in the related federal financial reports.
Title: Note 4 Relationship to Financial Statements - Regulatory Basis
Accounting Policies: See Form
De Minimis Rate Used: N
Rate Explanation: Indiect costs not charged
Amounts reported in the accompanying schedule agrees with amounts reported in the Borough's regulatory financial statements.
Title: Note 5 Other
Accounting Policies: See Form
De Minimis Rate Used: N
Rate Explanation: Indiect costs not charged
Matching contributions expended by the Borough in accordance with terms of the various grants are non reported in the accompanying schedule.