Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedules are presented using the accrual basis of accounting. The amounts reported in the Schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has not made an election pursuant to Uniform Guidance to receive a 10% de minimis indirect cost rate nor does it have a federally negotiated indirect cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance (the “Schedules”) present the activities in the federal and state awards programs of Ironbound Community Corporation for the year ended August 31, 2024. All financial assistance received directly from federal and state agencies as well as financial awards passed through other governmental agencies or nonprofit organizations
are included on the Schedules. 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 the Treasury, OMB Policy Circular 15-08-OMB (“NJ Circular 15-08-OMB”). Because the
Schedules present only a selected portion of the operations of Ironbound Community Corporation, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Ironbound Community Corporation.