Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: GENERAL
The accompanying schedule of expenditures of federal awards present the activity of all federal award programs of the Township of Millburn. The Township is defined in Note 1 to the
financial statements. To the extent identified, the federal awards that passed through other governmental agencies are included on the schedules of expenditures of federal awards.
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 Township’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township 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 FINANCIAL REPORTS
Accounting Policies: GENERAL
The accompanying schedule of expenditures of federal awards present the activity of all federal award programs of the Township of Millburn. The Township is defined in Note 1 to the
financial statements. To the extent identified, the federal awards that passed through other governmental agencies are included on the schedules of expenditures of federal awards.
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 Township’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township 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 of expenditures of federal awards agree with the amounts reported in the related federal financial reports, where required.