Notes to SEFA
Accounting Policies: The accompanying schedule of federal awards presents the activity of all federal financial programs of the Township of Freehold, County of Monmouth, New Jersey. All federal assistance received directly from federal or state agencies, as well as federal assistance passed through other government agencies is included in the Schedule of Expenditures of Federal Awards. 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 complianc e with the budget laws of New Jersey, which is a comprehensive basis of accounting, other than generally accepted principles.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.