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 Town of Secaucus (hereafter referred to as the “Town”) under programs of the federal government and state government for the year ended December 31, 2025. The Town is defined in Note 1 to the 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 25-12, 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 Town, it is not intended to and does not present the financial position and changes in operations of the Town.
Expenditures reported on the schedules are reported in accordance with the Requirements of Audit (the “Requirements”) as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of accounting with minor exceptions as mandated by the Requirements. This basis of accounting is described in Note 1 to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey OMB Circular 25-12, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedules are presented at the federal and state participation level; thus, any matching portion is not included.
The Town has elected not to use the up to 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
The amount reported in the column entitled "adjustments" on the schedule of expenditures of state financial assistance represents a refund of prior year expenditures in the amount of $212,060.50.
The major program is identified in the Summary of Auditors’ Results section of the Schedule of Findings and Questioned Costs.