Notes to SEFA
The accompanying schedules of expenditures of federal and state awards present the activity of all federal and state financial assistance programs of the Organization. The information in these schedules are 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 New Jersey State Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in or used in the preparation of the basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other government agencies are included in the schedules of expenditures of federal and state awards. Because the schedules present 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.
Of the federal expenditures presented in the schedule of expenditures of federal awards, the Organization provided federal awards of $40,610 to sub-recipients.
The regulations and guidelines governing the preparation of federal and state financial reports vary by Federal and State agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal and state financial reports do not necessarily agree with the amounts reported in the accompanying schedules of expenditures of federal and state awards, which is prepared on the accrual basis explained in Note 2.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single audit requirement is $750,000.