Notes to SEFA
Accounting Policies: GENERAL1. The accompanying schedule of expenditures of federal awards presents the activity of all federalawards programs of the Municipality of Princeton (Municipality). The Municipality is defined inNote 1 to the Municipalitys financial statements. To the extent identified, the federal awards thatpassed through other governmental agencies are included on the schedule of expenditures offederal awards.2. BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the regulatorybasis of accounting prescribed by the Division of Local Government Services, Department ofCommunity Affairs, State of New Jersey, which is described in Note 2, Summary of SignificantAccounting Policies, of the Municipalitys financial statements. The information in the schedule ofexpenditures of federal awards is presented in accordance with the OMB Uniform Guidance.3. RELATIONSHIP TO BASIC REGULATORY BASIS FINANCIAL STATEMENTSUnless specifically noted, the amounts reported in the accompanying schedule agree with theamounts reported in the related federal financial reports.4. RELATIONSHIP TO FEDERAL FINANCIAL REPORTSUnless specifically required, the amounts reported in the accompanying schedule agree with theamounts reported in the related federal financial reports, where required.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.