Title: NOTE 1. GENERAL
Accounting Policies: The accompanying schedules of expenditures of financial awards are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was utilized
The accompanying schedules of expenditures of financial awards present the activity of all federal and state financial award programs of the Borough of Frenchtown, County of Hunterdon, New Jersey. All federal and state financial awards received directly from federal or state agencies, as well as federal financial awards passed through other government agencies is included on the Schedule of Expenditures of Federal and State Financial Awards.
Title: NOTE 2. BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedules of expenditures of financial awards are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was utilized
The accompanying schedules of expenditures of financial awards are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis.
Title: NOTE 3. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of financial awards are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was utilized
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Title: NOTE 4. RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Accounting Policies: The accompanying schedules of expenditures of financial awards are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was utilized
Amounts reported in the accompanying schedules agree with amounts reported in the Borough’s regulatory basis financial statements. These amounts are reported in either the Current Fund, Grant Fund, General Capital Fund or Sewer Capital Fund. Reconciliations of revenues and expenses are presented on the following page.