Title: BASIS OF PRESENTATION
Accounting Policies: The information in the schedules are presented in accordance with the audit 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”) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Because the schedules present only a selected portion of the operations of Child Care Resources of Monmouth County, Inc., they are not intended to and do not present the financial position, changes in net assets or cash flows of Child Care Resources of Monmouth County, Inc. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal award program titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has not made the election to use the de minimus indirect cost rate.
The information in the schedules are presented in accordance with the audit 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”) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Because the schedules present only a selected portion of the operations of Child Care Resources of Monmouth County, Inc., they are not intended to and do not present the financial position, changes in net assets or cash flows of Child Care Resources of Monmouth County, Inc. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal award program titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA).
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The information in the schedules are presented in accordance with the audit 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”) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Because the schedules present only a selected portion of the operations of Child Care Resources of Monmouth County, Inc., they are not intended to and do not present the financial position, changes in net assets or cash flows of Child Care Resources of Monmouth County, Inc. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal award program titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has not made the election to use the de minimus indirect cost rate.
Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Title: NEW JERSEY STATE SINGLE AUDIT POLICY
Accounting Policies: The information in the schedules are presented in accordance with the audit 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”) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Because the schedules present only a selected portion of the operations of Child Care Resources of Monmouth County, Inc., they are not intended to and do not present the financial position, changes in net assets or cash flows of Child Care Resources of Monmouth County, Inc. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal award program titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 15-08-OMB (Office of Management and Budget), Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has not made the election to use the de minimus indirect cost rate.
The State of New Jersey requires all organizations that disburse federal grant, state grant or state aid funds to recipients that expend $750,000 or more in federal or state financial assistance within their fiscal year to have annual single audits or program-specific audits performed in accordance with the Uniform Guidance.
All organizations that disburse federal grant, state grant or state aid funds to recipients that expend less than $750,000 in federal or state financial assistance within their fiscal year, but expend $100,000 or more in state and/or federal financial assistance within their fiscal year must have either a financial statement audit performed in accordance with Government Auditing Standards (Yellow Book) or a program-specific audit performed in accordance the Uniform Guidance.