Title: Relationship to Financial Statements
Accounting Policies: General
The accompanying schedules present the activity of federal financial assistance programs of the County of Middlesex (“County”), New Jersey. All federal financial assistance received directly from the federal government, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting
The accounting policies of the County of Middlesex conform to the accounting principles and practices applicable to municipalities and counties, which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the County accounts for its financial transactions through separate funds. In addition, the County has not elected to use the 10 percent de minimus indirect cost rate allowed under the
Uniform Guidance and has not charged any indirect costs to its federal and/or state financial assistance programs.
County federal and state grants are presented within the County's overall financial statements on the basis of accounting in accordance with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Accordingly, the financial statements of the County are not intended to present financial position and results of operations in accordance with generally accepted accounting principles (GAAP).
The accounting principles and practices prescribed for municipalities and counties by the Division differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. The more significant differences, as disclosed in the Notes to Financial Statements – Regulatory Basis for the year ended December 31, 2023, are included in our report dated September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards is presented using the modified accrual basis of accounting, adjusted for encumbrances, as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This basis of accounting is set forth in Note 2 as described above.
Title: Schedules of Expenditures of Federal Awards and State Financial Assistance Information
Accounting Policies: General
The accompanying schedules present the activity of federal financial assistance programs of the County of Middlesex (“County”), New Jersey. All federal financial assistance received directly from the federal government, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting
The accounting policies of the County of Middlesex conform to the accounting principles and practices applicable to municipalities and counties, which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the County accounts for its financial transactions through separate funds. In addition, the County has not elected to use the 10 percent de minimus indirect cost rate allowed under the
Uniform Guidance and has not charged any indirect costs to its federal and/or state financial assistance programs.
County federal and state grants are presented within the County's overall financial statements on the basis of accounting in accordance with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Accordingly, the financial statements of the County are not intended to present financial position and results of operations in accordance with generally accepted accounting principles (GAAP).
The accounting principles and practices prescribed for municipalities and counties by the Division differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. The more significant differences, as disclosed in the Notes to Financial Statements – Regulatory Basis for the year ended December 31, 2023, are included in our report dated September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The County is a recipient of considerable grant awards. With respect to the grantvnotification process followed by agencies that pass-through federal and state assistance to the County, the County does not always receive timely information withvrespect to grant funding sources along with the relevant AL and account number information from its grantor agencies, which can inhibit the accuracy of information contained in the schedules of expenditures of federal awards and state financial assistance. County management asserts that all reasonable efforts have been made to obtain the appropriate relevant evidence to support the reported federal and state award categories and the AL and state grant account numbers presented in the schedules, but limited to the extent of the information provided by these agencies.
Title: Contingencies
Accounting Policies: General
The accompanying schedules present the activity of federal financial assistance programs of the County of Middlesex (“County”), New Jersey. All federal financial assistance received directly from the federal government, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting
The accounting policies of the County of Middlesex conform to the accounting principles and practices applicable to municipalities and counties, which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the County accounts for its financial transactions through separate funds. In addition, the County has not elected to use the 10 percent de minimus indirect cost rate allowed under the
Uniform Guidance and has not charged any indirect costs to its federal and/or state financial assistance programs.
County federal and state grants are presented within the County's overall financial statements on the basis of accounting in accordance with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Accordingly, the financial statements of the County are not intended to present financial position and results of operations in accordance with generally accepted accounting principles (GAAP).
The accounting principles and practices prescribed for municipalities and counties by the Division differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. The more significant differences, as disclosed in the Notes to Financial Statements – Regulatory Basis for the year ended December 31, 2023, are included in our report dated September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The County participates in a number of federal and state assisted programs that are subject to audit and adjustment by the respective grantors. The audits of these programs for or including the year ended December 31, 2023, may have not been conducted or completed as of the date of this report. Grantor agencies reserve the right to conduct additional audits of the County's grant program for economy, efficiency, and program results, which may result in disallowed costs to the County. However, County management does not believe such audits would result in any material amounts of disallowed costs.
Title: Encumbrances
Accounting Policies: General
The accompanying schedules present the activity of federal financial assistance programs of the County of Middlesex (“County”), New Jersey. All federal financial assistance received directly from the federal government, as well as federal financial assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting
The accounting policies of the County of Middlesex conform to the accounting principles and practices applicable to municipalities and counties, which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the County accounts for its financial transactions through separate funds. In addition, the County has not elected to use the 10 percent de minimus indirect cost rate allowed under the
Uniform Guidance and has not charged any indirect costs to its federal and/or state financial assistance programs.
County federal and state grants are presented within the County's overall financial statements on the basis of accounting in accordance with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Accordingly, the financial statements of the County are not intended to present financial position and results of operations in accordance with generally accepted accounting principles (GAAP).
The accounting principles and practices prescribed for municipalities and counties by the Division differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. The more significant differences, as disclosed in the Notes to Financial Statements – Regulatory Basis for the year ended December 31, 2023, are included in our report dated September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The County incurred encumbrances related to the federal and state financial assistance programs as of December 31, 2023. The encumbrances are noted in the Memo column of the Schedule of Expenditures of Federal Awards and the Schedule of Expenditures of State Financial Assistance.