Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance ("Schedule") includes the federal award and state financial assistance activity of the New Jersey Schools Development Authority ("Authority"), a component unit of the State of New Jersey, under programs of the federal and state governments. The information in these Schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance") and New Jersey OMB Circular 15-08 and is presented on the accrual basis of accounting. Because the Schedules present only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
The Authority’s accompanying schedules are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and Audit requirements for Federal Awards and New Jersey OMB Circular 15-08.
The Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.