Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance (“the schedules”) include federal and state award activity of the Township of Lower Municipal Utilities Authority (hereafter referred to as the “Authority”) under programs of the federal government and state government for the fiscal year ended November 30, 2024. The Authority is defined in Note 1 to the Authority's basic financial statements. The information in these schedules 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) and State of New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the schedules. Because these schedules present only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position and changes in operations of the Authority.
Amounts reported in the accompanying schedules are reconciled to the amounts reported in the Authority’s basic financial statements as follows: see chart / table.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Major programs are identified in the Summary of Auditors' Results section of the Schedule of Findings and Questioned Costs.