Title: 1. General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual cost
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial asistance programs of the Township of Middletown, County of Monmouth, New Jersey. All federal awards received directly from federal or state agencies, as well as federal assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Title: 2. Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual cost
The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
Title: 3. Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual cost
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports. In addition the Township has not elected to use the de minimus cost rate as covered in 2 CFR 200.414 (F&AS) costs.
Title: 4. Relationship to Financial Statements -Reulatory Basis
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual cost
Amounts reported in the accompanying schedule agree with amounts reported in the Township's regulatory financial statements . These amounts are reported in the Grant Fund, Current Fund, Trust Funds and HUD Trust Funds:
Title: 5. Other
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey , that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted accounting principles. The basis of accounting , with exceptions, is described in Note 1 to the Township's financial statements-regulatory basis.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual cost
Matching contributions expended by the Township in accordance with terms of the various grants are not reported in the accompanying schedule.