Notes to SEFA
Title: RELATIONSHIP TO REGULATORY BASIS FINANCIAL STATEMENTS
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal awards and state assistance programs of the City of Hoboken, County of Hudson. The City is defined in Note 2(A) to the financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This regulatory basis of accounting is described in Note 2(B) to the City’s financial statements. In addition, the City has elected not to use the 10 percent de minimis indirect cost rate as allowed by the Uniform Guidance and has not charged any indirect costs to its funded programs.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the City’s financial statements.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal awards and state assistance programs of the City of Hoboken, County of Hudson. The City is defined in Note 2(A) to the financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This regulatory basis of accounting is described in Note 2(B) to the City’s financial statements. In addition, the City has elected not to use the 10 percent de minimis indirect cost rate as allowed by the Uniform Guidance and has not charged any indirect costs to its funded programs.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports, where required.
Title: STATE LOANS OUTSTANDING
Accounting Policies: GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal awards and state assistance programs of the City of Hoboken, County of Hudson. The City is defined in Note 2(A) to the financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the schedules of expenditures of federal awards and state financial assistance.
BASIS OF ACCOUNTING
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from generally accepted accounting principles (GAAP) applicable to local government units. This regulatory basis of accounting is described in Note 2(B) to the City’s financial statements. In addition, the City has elected not to use the 10 percent de minimis indirect cost rate as allowed by the Uniform Guidance and has not charged any indirect costs to its funded programs.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate.
The City’s State loans outstanding at December 31, 2024, which are not required to be reported on the Schedule of Expenditures of State Financial Assistance are as follows:
Loan Program
Total
State of New Jersey Green Acres Trust Loan $ 410,405.57
State of New Jersey EIT – IBank – Loans Payable 71,005,762.23
State of New Jersey EIT – IBank – Temporary Notes Payable $18,449,597.81