Notes to SEFA
The accompanying schedule of expenditures of federal awards(the Schedule) includes the federal grant activity of the Atlantic County NJ Aerospace LLC under programs of the Public Works and Economic Development Facilities for the fiscal year ended December 31, 2025. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and contract requirements. Because the Schedule presents only a selected portion of the operations of the Atlantic County NJ Aerospace LLC it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Atlantic County NJ Aerospace LLC.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in OMB’s Uniform Guidance (2 CFR part 200, subpart E) [and OMB Circular A-87, Cost Principles for State, Local, and Tribal Governments, if applicable or OMB Circular 15-08, Cost Principles for Nonprofit Organizations], wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Atlantic County NJ Aerospace LLC recognizes funds from the Federal Assistance Award (cost reimbursable grants) as support, as costs are incurred. A receivable is recognized to the extent costs have been incurred but not reimbursed.