Notes to SEFA
The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance presents the activities in all the federal and state financial award programs of the Organization. All financial awards received directly from federal and state agencies as well as financial awards passed through other governmental agencies or not-for-profit organizations are included on the schedule.
The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the "Schedules") includes the grant activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule 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 NJ OMB Circular 15-08. 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 Organization did not elect to use the ten percent de-minimis cost rate.
Federal and state award expenditures are reported on the statements of activities as functional and supporting expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards financial assistance due to program expenditures exceeding grant limitations or capitalization policies required by U.S. GAAP.