Notes to SEFA
Accounting Policies: 1. General
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Borough of Milltown. The Borough is defined in Note 1 to the Borough’s financial statements. To the extent identified, all federal awards and state financial assistance that passed through other governmental agencies is included on the schedule of expenditures of state financial assistance.
2. Basis of Accounting
The accompanying schedules of expenditures of federal awards and state financial assistance is presented using the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is described in Note 2, Summary of Significant Accounting Policies, of the Borough’s financial statements. The information in the schedule of expenditures of federal awards and state financial assistance is presented in accordance with the New Jersey OMB Circular 15-08.
3. Relationship to Basic Regulatory-Basis Financial Statements
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate