Title: Note 1 General
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Sevices, 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 than generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not utilized
The accompanying schedules of expenditures of federal awards and state financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal and state financial assistance passed through other governmental agencies is included on the Schedules of Expenditures of Federal Awards and State Fiancial Assistance.
Title: Note 2 Bassis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Sevices, 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 than generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not utilized
Theaccompanying schedules of expenditures of federal awards and schedules of state financial assistance is 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 than generally accepted accounting principles. The basis of accounting with exceptions, is described in Note 1 to the City's financial statements - regulatory basis.
Title: Note 3 Relationship to Federal Fiancial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Sevices, 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 than generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not utilized
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. In addition, the City has not elected to use the de minimus cost rate as covered in 2 CFR 200 414 (F&AS) costs.
Title: Note 4 Relationship to Financial Statements - Regulatory Basis
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Sevices, 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 than generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not utilized
Amounts reported in the accompanying schedules agree with the amounts reported in the City's regulatory basis financial statements. These amounts are reported in the Current Fund, Grant Fund, Trust Funds, HUD Trust Funds and General Capital Fund.
Title: Note 5 Other
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the City of Long Branch, County of Monmouth, New Jersey. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies is included in the Schedule of Federal Awards. The accompanying schedule of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Sevices, 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 than generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: An indirect cost rate was not utilized
Matching contributions expended by the City in accordance with terms of the various grants are not reported in the accompanying schedules.