Title: Note 3: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is a summary of the activity of the organization’s federal and state awards on the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports. The schedules do not present transactions as they are included in the financial statements of the organization, which are presented in accordance with generally accepted accounting principles (GAAP). The differences between the two bases of accounting are as follows: property and other items purchased with program funds are included on the schedules as expenditures in the year purchased, while GAAP requires that these items either be capitalized and depreciated over their useful lives or be included in the financial statements in the year in which they are applicable. 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, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Circular 15-08 OMB.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance present the activity of all federal and state awards of the organization. All federal and state awards, with current year activity, received directly from federal, state, and local agencies, passed through other government agencies, are included in the Schedules.
Title: Note 4: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is a summary of the activity of the organization’s federal and state awards on the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports. The schedules do not present transactions as they are included in the financial statements of the organization, which are presented in accordance with generally accepted accounting principles (GAAP). The differences between the two bases of accounting are as follows: property and other items purchased with program funds are included on the schedules as expenditures in the year purchased, while GAAP requires that these items either be capitalized and depreciated over their useful lives or be included in the financial statements in the year in which they are applicable. 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, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Circular 15-08 OMB.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Amounts reported in the accompanying schedules agree, in all material respects, with the amounts reported in the financial statements.
Title: Note 5: Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is a summary of the activity of the organization’s federal and state awards on the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports. The schedules do not present transactions as they are included in the financial statements of the organization, which are presented in accordance with generally accepted accounting principles (GAAP). The differences between the two bases of accounting are as follows: property and other items purchased with program funds are included on the schedules as expenditures in the year purchased, while GAAP requires that these items either be capitalized and depreciated over their useful lives or be included in the financial statements in the year in which they are applicable. 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, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Circular 15-08 OMB.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Amounts reported in the accompanying schedule agree, in all material respects, with the amounts reported in related federal and state financial reports. However, the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports is different than the accrual basis of accounting. The basic difference between the two bases of accounting is that the equipment purchased with program funds are included as expenditures in the expenditure reports, while GAAP requires these items to be capitalized and depreciated over their useful lives.
Title: Note 6: Major Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is a summary of the activity of the organization’s federal and state awards on the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports. The schedules do not present transactions as they are included in the financial statements of the organization, which are presented in accordance with generally accepted accounting principles (GAAP). The differences between the two bases of accounting are as follows: property and other items purchased with program funds are included on the schedules as expenditures in the year purchased, while GAAP requires that these items either be capitalized and depreciated over their useful lives or be included in the financial statements in the year in which they are applicable. 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, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Circular 15-08 OMB.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.