Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Essex County Improvement Authority (“Authority”) under programs of the federal for the year ended December 31, 2024. The information in the 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). Because the Schedule presents 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.
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/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments) and New Jersey OMB Circular 15-08 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.
The basic financial statements are presented on a GAAP basis
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal financial reports.
The Authority had no loans outstanding payable at December 31, 2024.
The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.