Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. 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 Sevices, 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.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not used
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. 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 Sevices, 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.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not used
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 Sevices, 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.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. 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 Sevices, 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.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not used
Amounts reported in the accompanying schedule agrees with amounts reported in the related federal financial reports. In addition the Township has not elected to use the de minimjs cost rate as covered in 2 CFR 200.414 (F&S) costs.
Title: Other
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. 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 Sevices, 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.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not used
Matching contributions expended by the Township in accordance with the terms of the various grants are not reported in the accompanying schedule.