Notes to SEFA
Accounting Policies: The accompanying schedules of expenditures of awards are presented using the modified accrual basis of accounting as prescribed for counties by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differs in certain aspects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. 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 (U.S. Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Union County Improvement Authority did not electe to use the de minimis cost rate.