Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Township of Weehawken ("Township"). The Township is defined in Note I to the Township's financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules are presented using the regulatory basis of accounting prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note I to the Township's financial statements.
Title: Relationship to Basic Regulatory Basis Financial Statements
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Township of Weehawken ("Township"). The Township is defined in Note I to the Township's financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the Township's financial statements.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Township of Weehawken ("Township"). The Township is defined in Note I to the Township's financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
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 of federal awards and state financial assistance agree with the amounts reported in the related federal and state financial reports, where required.
Title: 5.State Loan Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance programs of the Township of Weehawken ("Township"). The Township is defined in Note I to the Township's financial statements. To the extent identified, the federal awards and state financial assistance that passed through other governmental agencies is included on the schedules of expenditures of federal awards and state financial assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Township's state loans outstanding at June 30, 2022, which are not required to be reported on the schedule of expenditures of state financial assistance, are as follows: Loan Program - State NJEIT LoansGreen Trust Loans $4,518,258 973,035 Total$5,491.293