Audit 33230

Title: Disaster Grants Public Assistance (Presidentially Declared Disasters) Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the New Jersey Turnpike Authority (the Authority) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of the Authority. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority did not pass through any federal awards to subrecipients during the year ended December 31, 2022. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance. As a result of various weather events that have been presidentially declared disasters, the Authority has been awarded several public assistance grants. The amounts reported on the Schedule for the year ended December 31, 2022 primarily relate to costs incurred in connection with Tropical Storm Isaias which were incurred in 2020. In addition, costs were also incurred in connection with COVID-19, which were incurred in 2020 to 2022, and Hurricane Ida which were incurred in 2021. The Authority received appropriate approvals by FEMA in 2022.