Notes to SEFA
Accounting Policies: (1) FEDERAL EXPENDITURES-The Schedule of Expenditures of Federal Awards reflects federal expenditures for all individual grants which were active during the fiscal year.(2) BASIS OF ACCOUNTING-The Township uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.(3) INDIRECT COSTS-The Township has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.