Notes to SEFA
Accounting Policies: THE ACCOMPANYING SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE ARE PRESENTED ON THE BUDGETARY BASIS OF ACCOUNTING WITH THE EXCEPTION OF PROGRAMS RECORDED IN THE FOOD SERVICE FUND, WHICH ARE PRESENTED USING THE ACCRUAL BASIS OF ACCOUNTING. THESE BASES OF ACCOUNTING ARE DESCRIBED IN NOTES 1(D) AND 1(E) TO THE BOARD'S BASIC FINANCIAL STATEMENTS. THE INFORMATION IN THESE SCHEDULES IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF 2 CFR 200-UNIFROM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. THEREFORE, SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER IN AMOUNTS PRESENTED IN OR USED IN THE PREPARATION OF THE BASIC FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE BOROUGH OF TINTON FALLS SCHOOL DISTRICT HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.