Title: Note 1. Basis of Presentation
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
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 Township of Toms River. The
Township is defined in Note 1 of the basic financial statements. The information in these schedules is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of
Federal Grants, State Grants and State Aid. All federal and state awards received directly from federal
and state agencies, as well as federal awards and state financial assistance passed through other
government agencies
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
The Township did not elect the 10-percent de deminimis indirect cost rate as discussed in 2 CFR 200.414.
Title: Note 3. Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with amounts reported in the Township's
financial statements. Expenditures from awards are reported in the Township’s financial statements as
follows:
*Federal monies in current fund and capital fund represent FEMA monies received in 2023 for current
and prior years’ expenditures. In accordance with the Federal Emergency Management Agency,
expenditures for Disaster Grants are recorded only when FEMA funds have been released to the
Municipality.
Title: Note 4. Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The regulations and guidelines governing the preparation of federal and state financial reports vary by
federal and state agency and among programs administered by the same agencies. Accordingly, the
amounts reported in the federal and state financial reports do not necessarily agree with the amounts
reported in the accompanying Schedules, which is prepared on the modified accrual basis of accounting
as explained in Note 2.
Title: Note 5. Federal and State Loans Outstanding
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Township had no loan balances outstanding at December 31, 2023.
Title: Note 6. Contingencies
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Each of the grantor agencies reserves the right to conduct additional audits of the Township’s grant
program for economy, efficiency and program results. However, the Township administration does not
believe such audits would result in material amounts of disallowed costs.
Title: Note 7. Major Programs
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings
and Questioned Costs.