Title: GENERAL
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activity of all federal and state financial awards of the Township of Long Beach, County of Ocean, State of New Jersey. All federal and state financial awards received directly from federal or state agencies, as well as federal financial awards passed through other government agencies are included on the Schedules of Expenditures of Federal Awards and State Financial Assistance.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Amounts reported in the accompanying schedules agree with amounts reported in the Township’s regulatory basis financial statements. These amounts are reported in either the Current Fund, Grant Fund, General Capital Fund or Water - Sewer Utility Capital Fund. Reconciliations of revenues and expenses are presented on the following page.
Title: OTHER
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance are presented on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey that demonstrates compliance with the modified accrual basis of accounting with certain exceptions and the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Township’s financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.
Matching contributions expended by the Township in accordance with terms of the various grants are not reported in the accompanying schedule. In addition, the Township has not elected to use the de minimis indirect cost rate as covered in CFR 200.414 (F&A) costs.