Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Town of Morristown. The Town is defined in Note 1 to the financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules are presented using the regulatory basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Town's financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Amounts reported in the accompanying schedules agree with amounts reported in the Town’s financial statements.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Town of Morristown. The Town is defined in Note 1 to the financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules are presented using the regulatory basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Town's financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Amounts reported in the accompanying schedules of expenditures of federal awards and state financial assistance agree with the amounts reported in the related federal and state financial reports, where required.
Title: AMERICAN RESCUE PLAN (ARP)
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Town of Morristown. The Town is defined in Note 1 to the financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules are presented using the regulatory basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 1 to the Town's financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The Town’s utilization of American Rescue Plan Funds (ARP) program assistance, as listed in the Schedule of Expenditures of Federal Awards is reported in the financial statements as utilized as follows:
Total
American Rescue Plan – Revenue Loss $ 250,000
American Rescue Plan – Firefighter Program 46,069
Total $ 296,069