Notes to SEFA
Title: NOTE 4- RELATIONSHIP TO FINANCIAL STATEMENTS- REGULATORY BASIS
Accounting Policies: NOTE 1. GENERALThe accompanying schedules of expenditures of Federal Awards and State Financial Assistance present the activity of all federal and state financial assistance programs of the Township of Raritan, County of Hunterdon, New Jersey. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal financial assistance passed through other government agencies is included on the Schedules of Expenditures of Federal Awards and State Financial Assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of financial assistance are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Townships financial statements - regulatory basis. NOTE 3. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTSAmounts reported in the accompanying schedules of expenditures agree with the amounts reported in the related federal and state financial reports. In addition, the Township has not elected to use the 10% de minimis 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.
Amounts reported in the accompanying schedules of expenditures agree with amounts reported in the Townships regulatory basis financial statements. These amounts are reported either in the Current Fund, Grant Fund, the Open Space Trust Fund or the General Capital Fund.SEE NOTES TO SEFA SCHEDULE FOR TABLE
Title: NOTE 5- OTHER
Accounting Policies: NOTE 1. GENERALThe accompanying schedules of expenditures of Federal Awards and State Financial Assistance present the activity of all federal and state financial assistance programs of the Township of Raritan, County of Hunterdon, New Jersey. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal financial assistance passed through other government agencies is included on the Schedules of Expenditures of Federal Awards and State Financial Assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of financial assistance are presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Townships financial statements - regulatory basis. NOTE 3. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTSAmounts reported in the accompanying schedules of expenditures agree with the amounts reported in the related federal and state financial reports. In addition, the Township has not elected to use the 10% de minimis 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.
Matching contributions expended by the Township in accordance with terms of the various grants are not reported in the accompanying schedules.