Notes to SEFA
Title: NOTE 1: GENERAL INFORMATION
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance are presented on the budgetary basis of accounting. These basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid".
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards presents the activities
in all the Federal financial assistance programs of New Jersey Physicians Advisory
Group, Inc. All financial assistance received directly from the Federal agency of
Health and Human Services is included on the schedule.
Title: NOTE 2: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance are presented on the budgetary basis of accounting. These basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid".
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards is presented using the
accrual basis of accounting. The amounts reported in this schedule as expenditures
may differ from certain financial reports submitted to Federal funding agencies due to
those reports being submitted on either a cash or modified accrual basis of accounting.
All grants were budgeted with different Indirect cost rates but indirect costs have not
been charged or have been much lower because the underlying NJPAG costs they are
meant to cover have been low. Essex County Essex County YES You Can! 2021 grant
budgeted rate is 5.9% and Personal Responsibility Education - YES You Can! (PREYYC!)
grant is 2.6%.
Title: NOTE 3: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance are presented on the budgetary basis of accounting. These basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid".
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Federal awards are reported as program expenses and management and general costs
in the Statements of Functional Expenses. In certain programs, the expenditures
reported in the basic financial statements may differ from the expenditures reported in
the Schedule of Expenditures of Federal Awards due to program expenditures
exceeding grant or contract budget limitations, Agency matching, or in-kind
contributions which are not included as Federal awards or capitalization policies
required under accounting principles generally accepted in the United States of
America.