Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedule are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditure of federal awards (the “schedule”) includes federal award activity of the Township of Cherry Hill (hereafter referred to as the “Township”) under programs of the federal government for the fiscal year ended June 30, 2024. The Township is defined in note 1 to the financial statements. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule. Because the schedules presents only a selected portion of the operations of the Township, it is not intended to and does not present the financial position and changes in operations of the Township.
Title: Note 4: Relationship to the Financial Statements
Accounting Policies: Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedule are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Awards and financial assistance expenditures reported in the Township’s financial statements include cost sharing or matching amounts, whereas the schedule excludes such amounts. A reconciliation between the financial statements and the schedule is presented as follows:
Title: Note 5: Relationship to the Federal Financial Reports
Accounting Policies: Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedule are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Title: Note 6: Adjustments
Accounting Policies: Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedule are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the column entitled "adjustments" represent the following:
Title: Note 7: Major Program
Accounting Policies: Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedule are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The major program is identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.