Notes to SEFA
Title: Note 5: Loans Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal financial awards present the activity of all federalaward programs of the Township of Moorestown. The Township is defined in Note 1 of the basicfinancial statements. The information in these schedules is presented in accordance with the requirementsof Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrincipals and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards receiveddirectly from federal agencies, as well as federal awards passed through other government agencies isincluded on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Township had no loan balances outstanding at December 31, 2022.
Title: Note 6: Contingencies
Accounting Policies: The accompanying schedules of expenditures of federal financial awards present the activity of all federalaward programs of the Township of Moorestown. The Township is defined in Note 1 of the basicfinancial statements. The information in these schedules is presented in accordance with the requirementsof Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrincipals and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards receiveddirectly from federal agencies, as well as federal awards passed through other government agencies isincluded on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Each of the grantor agencies reserves the right to conduct additional audits of the Townships grantprogram for economy, efficiency and program results. However, the Township administration does notbelieve such audits would result in material amounts of disallowed costs.
Title: Note 7: Major Program
Accounting Policies: The accompanying schedules of expenditures of federal financial awards present the activity of all federalaward programs of the Township of Moorestown. The Township is defined in Note 1 of the basicfinancial statements. The information in these schedules is presented in accordance with the requirementsof Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrincipals and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards receiveddirectly from federal agencies, as well as federal awards passed through other government agencies isincluded on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditors Results section of the Schedule of Findingsand Questioned Costs.
Title: Note 4: Relationship to State Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal financial awards present the activity of all federalaward programs of the Township of Moorestown. The Township is defined in Note 1 of the basicfinancial statements. The information in these schedules is presented in accordance with the requirementsof Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrincipals and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards receiveddirectly from federal agencies, as well as federal awards passed through other government agencies isincluded on the schedule of expenditures of federal awards.
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 the amounts reported in the related federalfinancial reports.