Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is 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 than generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Town's regulatory basis financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.