Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal and state grant activity of Safe & Sound Somerset, Inc. under programs of the federal and state government for the year ended December 31, 2024, and is presented on the accrual basis of accounting. The information in these Schedules is 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 (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedule presents only a selected portion of the operations of Safe & Sound Somerset, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Safe & Sound Somerset, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.