Audit 36997

Accounting Policies: The accompanying schedule of expenditures of Federal Awards includes all the federal activities of Jersey City Economic Development Corporation (the Organization). All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies are included. The Schedule of expenditures of federal awards includes the federal award grant activity of the Organization under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. The accompanying schedule of expenditures of federal awards is reported on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers have been presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.