Title: Note 1 - General
Accounting Policies: Note 2 – Basis of Accounting. The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08- OMB Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. The schedules present only a selected portion of the operations of the Bayonne Economic Opportunity Foundation and therefore, they are not intended to, and does not, present the financial position, changes in net assets or cash flows of Bayonne Economic Opportunity Foundation. Bayonne Economic Opportunity Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state awards programs of Bayonne Economic Opportunity Foundation. All federal financial awards received directly from federal agencies including awards passed through other government agencies, are included on the schedule of expenditures of federal awards. All state awards received directly from state agencies including awards passed through other government agencies, are included on the schedule of expenditures of state financial assistance.
Title: Note 3 - Relationship to the Financial Statements
Accounting Policies: Note 2 – Basis of Accounting. The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08- OMB Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. The schedules present only a selected portion of the operations of the Bayonne Economic Opportunity Foundation and therefore, they are not intended to, and does not, present the financial position, changes in net assets or cash flows of Bayonne Economic Opportunity Foundation. Bayonne Economic Opportunity Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: None
Amounts reported in the accompanying schedules agree with amounts reported in Bayonne Economic Opportunity Foundation's financial statements.
Title: Note 4 - Relationship to Federal and State Financial Reports
Accounting Policies: Note 2 – Basis of Accounting. The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08- OMB Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. The schedules present only a selected portion of the operations of the Bayonne Economic Opportunity Foundation and therefore, they are not intended to, and does not, present the financial position, changes in net assets or cash flows of Bayonne Economic Opportunity Foundation. Bayonne Economic Opportunity Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: None
Amounts reported in the accompanying schedules agree with amounts reported in the related federal and state financial reports.
Title: Note 5 - Subrecipients
Accounting Policies: Note 2 – Basis of Accounting. The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08- OMB Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. The schedules present only a selected portion of the operations of the Bayonne Economic Opportunity Foundation and therefore, they are not intended to, and does not, present the financial position, changes in net assets or cash flows of Bayonne Economic Opportunity Foundation. Bayonne Economic Opportunity Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: None
Amounts reported in the accompanying schedules agree with amounts reported in the related federal and state financial reports.