Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Cost Principles for Non-profit Organizations and NJ Compliance 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: JFS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
JFS provided no federal or state awards to subrecipients during the year.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Cost Principles for Non-profit Organizations and NJ Compliance 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: JFS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of federal and state financial reports vary by agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal and state financial reports do not necessarily agree with the amounts in the accompanying schedules of expenditures of federal and state awards, which is prepared on the accrual basis of accounting explained in Note 2.