Notes to SEFA
Title: RELATIONSHIP TO BASIC REGULATORY BASIS FINANCIAL STATEMENTS
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Town of West New York (“Town”). The Town is defined in Note 1 to the Town’s financial statements. To the extent identified, the federal awards and state financial assistance 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 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 1 to the Town’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town 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 FINANCIAL REPORTS
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Town of West New York (“Town”). The Town is defined in Note 1 to the Town’s financial statements. To the extent identified, the federal awards and state financial assistance 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 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 1 to the Town’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Amounts reported in the accompanying schedule of federal awards and state financial assistance agree with the amounts reported in the related federal and state financial reports, where required.