Notes to SEFA
Accounting Policies: (1)GENERAL INFORMATIONThe accompanying schedule of expenditures of federal awards presents the activities in all the federal financial assistance programs of the New Jersey Council for the Humanities. All financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies or nonprofit organizations are included in the schedule.(2)BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.(3)RELATIONSHIP TO BASIC FINANCIAL STATEMENTSFederal awards expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to the expenditures exceeding grant or contract budget limitations which are not included as federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.