Notes to SEFA
Title: General Information
Accounting Policies: The financial statements have been prepared on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (“GAAP”). As a result, revenues are
recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The New Jersey Council for the Humanities has not elected to use the 10% de minimis indirect cost rate for
federal contracts allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards presents the activities in all the federal
financial assistance programs of the New Jersey Council for the Humanities for the year ended October 31,
2024. All financial assistance received directly from federal agencies as well as federal financial assistance
passed through other governmental agencies or nonprofit organizations are included in the schedule. The
information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”). Because the schedule presents only a selected
portion of the operations of NJCH, it is not intended to and does not present the financial position, changes
in net assets or cash flows of NJCH.
Title: BASIS OF ACCOUNTING
Accounting Policies: The financial statements have been prepared on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (“GAAP”). As a result, revenues are
recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The New Jersey Council for the Humanities has not elected to use the 10% de minimis indirect cost rate for
federal contracts allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Federal awards expenditures reported in the basic financial statements may differ from the expenditures
reported in the schedule of expenditures of federal awards due to the expenditures exceeding grant or
contract budget limitations which are not included as federal awards.
Title: INDIRECT COSTS
Accounting Policies: The financial statements have been prepared on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (“GAAP”). As a result, revenues are
recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The New Jersey Council for the Humanities has not elected to use the 10% de minimis indirect cost rate for
federal contracts allowed under the Uniform Guidance
The New Jersey Council for the Humanities has not elected to use the 10% de minimis indirect cost rate for
federal contracts allowed under the Uniform Guidance