Notes to SEFA
Title: Note 2
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of
accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Township has elected not to use the de minimis indirect cost reate provided by the Uniform Guidance.
An extensive compliance test, as required by Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative requirements, Cost Principles, and Audit
requirements for Federal Awards (Uniform Guidance), was performed on the Coronavirus
State and Local Fiscal Recovery Funds, which represent 47% of the total expenditures
reflected on the Schedule of Expenditures of Federal Awards. The Coronavirus State and Local Fiscal Recovery Funds exceeds $378,767 and, therefore,
represents the only program to which the specific compliance requirements must be applied.