Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Community Affairs Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance and the Circular.
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal awards and state financial assistance activity of the Foundation under programs of the federal and state governments for the year ended June 30, 2024. The information in the Schedules is presented in accordance with the 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 State of New Jersey Department of Treasury, Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Foundation, they are not intended to and do not present the financial position, change in net assets, or cash flows of the Foundation.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Community Affairs Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance and the Circular.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Community Affairs Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as reimbursement.
Title: Subreceipts
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Community Affairs Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance and the Circular.
During the year ended June 30, 2024, the Foundation did not provide funds relating to its program to subrecipients.