Notes to SEFA
The accompanying schedule of federal and state awards includes the federal and state grant activity of the Borough of Woodbine, State of New Jersey and is presented on the basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is a comprehensive basis of accounting other than generally accepted accounting principles. Encumbrances are considered in determining single audit threshold on major programs. The Borough has elected not to use the 10% de minimis indirect cost rate.
Amounts reported in the accompanying schedule do not agree with amounts reported in the Borough’s financial statements. Receipts from Federal and State grants are realized as revenue when anticipated in the Borough’s budget. Expenditures are recognized when they become payable. Following is a reconciliation of expenditures: SEE THE NOTES TO SEFA FOR CHART/TABLE