Notes to SEFA
Accounting Policies: The accompanying schedules of expenditures of Federal Awards are presented on the budgetary basis of accounting withthe exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance)and N.J. OMB Circular 15-08. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the basic financial statements. The basic financial statements present the generalfund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for thegeneral fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permittedby law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until thesubsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on themodified accrual basis. The special revenue fund is presented in the accompanying schedules on the grant accountingbudgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAPbasis does not
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.