Notes to SEFA
Title: RELATIONSHIP TO BASIC REGULATORY BASIS FINANCIAL STATEMENTS
Accounting Policies: GENERAL
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all federal award and state financial assistance programs of the Municipality of Princeton (“Municipality”). The Municipality is defined in Note 1 to the Municipality’s financial statements. To the extent identified, the federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance that passed through other governmental agencies are included on the schedule of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules are presented using the regulatory basis of accounting as 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 2 to the Municipality's financial statements
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance and New Jersey OMB Circular 15-08.
Unless specifically noted, the amounts reported in the accompanying schedules agree with the amounts reported in the Municipality’s financial statements.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: GENERAL
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all federal award and state financial assistance programs of the Municipality of Princeton (“Municipality”). The Municipality is defined in Note 1 to the Municipality’s financial statements. To the extent identified, the federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance that passed through other governmental agencies are included on the schedule of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules are presented using the regulatory basis of accounting as 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 2 to the Municipality's financial statements
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance and New Jersey OMB Circular 15-08.
Unless specifically required, the amounts reported in the accompanying schedule agree with the amounts reported in the related federal and state financial reports, where required.