Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Agency under programs of the federal and state government for the year ended September 30, 2024. The information in these 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, Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Agency, they are not intended to and do not present the financial position, change in net assets or cash flows of the Agency. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: PACO does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimus cost rate as covered in section 200.414 in the Uniform Guidance.
Expenditures of federal awards and state financial assistance are reported on the statements of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported on the Schedules due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America
Title: Reconciliation of Government Grants to Schedules
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Agency under programs of the federal and state government for the year ended September 30, 2024. The information in these 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, Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Agency, they are not intended to and do not present the financial position, change in net assets or cash flows of the Agency. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: PACO does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimus cost rate as covered in section 200.414 in the Uniform Guidance.
Grants and contracts revenue per audit: $ 2,484,653
Less: County grant income not included in SEFA or SESA (15,597)
Adjusted government grants revenue per audit 2,469,056
Expenses per Schedules
Schedule of Expenditures of Federal Awards 1,569,762
Schedule of Expenditures of State Financial Assistance 899,294
Total expenses per Schedules 2,469,056
Variance $ -