Notes to SEFA
Title: Basis of Presentation - Local Contributions
Accounting Policies: Expenditures , as reported on the accoumpanying Schedule of Expenditures of Federal Awards, reflect cash disbursements charged directly to a grant program. Differences between budget and actual cash disbursements are cancelled to fund balance when the grant is closed out.
De Minimis Rate Used: Both
Rate Explanation: For CFDA Numbers 93.323 and 93.354 the de minimis cost rate was utilized in accordance with the grant agreements. None of the other grants utilized the deminimis cost rate.
Local matching contributions, when required are raised in the Current Fund budget and transferred to the Grant Fund. The percentage of matching contributions varies with each program.
Title: Federal Assistance Listing Numbers (ALN)
Accounting Policies: Expenditures , as reported on the accoumpanying Schedule of Expenditures of Federal Awards, reflect cash disbursements charged directly to a grant program. Differences between budget and actual cash disbursements are cancelled to fund balance when the grant is closed out.
De Minimis Rate Used: Both
Rate Explanation: For CFDA Numbers 93.323 and 93.354 the de minimis cost rate was utilized in accordance with the grant agreements. None of the other grants utilized the deminimis cost rate.
The ALN numbers included in the accompanying SEFA were determined based on the program name and review of grant contract information.
Title: Contingencies
Accounting Policies: Expenditures , as reported on the accoumpanying Schedule of Expenditures of Federal Awards, reflect cash disbursements charged directly to a grant program. Differences between budget and actual cash disbursements are cancelled to fund balance when the grant is closed out.
De Minimis Rate Used: Both
Rate Explanation: For CFDA Numbers 93.323 and 93.354 the de minimis cost rate was utilized in accordance with the grant agreements. None of the other grants utilized the deminimis cost rate.
Each of the cognizant agencies reserves the right to conduct additonal audits of the Township's grant programs. Management does not believe such audits would result in material amounts of disallowed costs.
Title: Relationship to Federal Financial Reports
Accounting Policies: Expenditures , as reported on the accoumpanying Schedule of Expenditures of Federal Awards, reflect cash disbursements charged directly to a grant program. Differences between budget and actual cash disbursements are cancelled to fund balance when the grant is closed out.
De Minimis Rate Used: Both
Rate Explanation: For CFDA Numbers 93.323 and 93.354 the de minimis cost rate was utilized in accordance with the grant agreements. None of the other grants utilized the deminimis cost rate.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Title: Relationship to Federal Financial Statements - Regulatory Basis
Accounting Policies: Expenditures , as reported on the accoumpanying Schedule of Expenditures of Federal Awards, reflect cash disbursements charged directly to a grant program. Differences between budget and actual cash disbursements are cancelled to fund balance when the grant is closed out.
De Minimis Rate Used: Both
Rate Explanation: For CFDA Numbers 93.323 and 93.354 the de minimis cost rate was utilized in accordance with the grant agreements. None of the other grants utilized the deminimis cost rate.
Amounts reported in the acccompanying schedule agree with the amounts reported in the Township's regulatory basis financial statements. These amounts are reported in the Grant Fund and Current Fund.