The accompanying Schedule of Expenditures of Federal Awards presents the activities in all the Federal financial assistance programs of New Jersey Physicians Advisory Group, Inc. All financial assistance received directly from the Federal agency of Health and Human Services is included on the schedule.
BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards is presented using the
accrual basis of accounting. The amounts reported in this schedule as expenditures
may differ from certain financial reports submitted to Federal funding agencies due to
those reports being submitted on either a cash or modified accrual basis of accounting.
All grants were budgeted with different Indirect cost rates but indirect costs have not
been charged or have been much lower because the underlying NJPAG costs they are
meant to cover have been low. Personal Responsibility Education - YES You Can!
(PRE-YYC!) grant is 0.60%, and Educate Students and Develop teen SRA Leaders in
Northern New jersey grant is 1.22%.
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Federal awards are reported as program expenses and management and general costs
in the Statements of Functional 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 due to program expenditures
exceeding grant or contract budget limitations, Agency matching, or in-kind
contributions which are not included as Federal awards or capitalization policies
required under accounting principles generally accepted in the United States of
America.