Notes to SEFA
Accounting Policies: NOTE 1:GENERAL The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state financial assistance programs of the Township of North Brunswick. The Township of North Brunswick is defined in Note 1(A) 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 federal awards and state financial assistance. NOTE 2: BASIS OF ACCOUNTING The accompanying schedules of expenditures of federal awards and state financial assistance is presented using the regulatory basis of accounting prescribed or permitted for municipalities 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(B) to the Townships financial statements. In addition, the Township has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance and NJOMB Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.