Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: BASIS OF PRESENTATION:
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 Township of East Brunswick (the “Township”). The Township is defined in Note 2 to the Township’s regulatory basis financial statements. All federal awards and state assistance received directly, or as financial assistance passed through other government agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the basis of accounting as described in Note 2 to the Township’s regulatory basis financial statements. Therefore, some amounts presented in the schedules may differ from amounts presented, or used in the preparation of the regulatory basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township elected not to use the 10% de minimis indirect cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the Township’s financial statements.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: BASIS OF PRESENTATION:
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 Township of East Brunswick (the “Township”). The Township is defined in Note 2 to the Township’s regulatory basis financial statements. All federal awards and state assistance received directly, or as financial assistance passed through other government agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the basis of accounting as described in Note 2 to the Township’s regulatory basis financial statements. Therefore, some amounts presented in the schedules may differ from amounts presented, or used in the preparation of the regulatory basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Township elected not to use the 10% de minimis indirect cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.