Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented using
the accrual basis of accounting which is described in Note 2 to the financial statements. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards present the activity
of all federal and state financial assistance programs of the Organization. The information in
the schedules are presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey State Circular 15-
08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid.
Therefore, some amounts presented in this schedules may differ from amounts presented in
or used in the preparation of the basic financial statements. All federal and state financial
assistance received directly from federal or state agencies is included on the schedules of
federal or state awards. Because the schedules present only a selected portion of the
operations of the Organization, it's not intended to and does not present the financial
position, changes in net assets, or cash flows of the Organization.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented using
the accrual basis of accounting which is described in Note 2 to the financial statements. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The regulations and guidelines governing the preparation of federal and state financial reports
vary by federal and state agency and among programs administered by the same agency.
Accordingly, the amounts reported in the federal and state financial reports do not necessarily
agree with the amounts reported in the accompanying schedules of expenditures of federal
and state awards, which are prepared on the accrual basis explained in Note 2.
Title: Sub-recipients
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented using
the accrual basis of accounting which is described in Note 2 to the financial statements. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
No federal or state awards were provided to sub-recipients.
Title: Single Audit - Type A/Type B Program Threshold
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented using
the accrual basis of accounting which is described in Note 2 to the financial statements. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers have been presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single
audit expenditure threshold requirement is $750,000.