Notes to SEFA
Accounting Policies: NOTE 1. GENERALThe accompanying schedules of expenditures of federal awards and state financial assistanceinclude federal and state award activity of the Board of Trustees, Paterson Charter School forScience and Technology. The Board of Trustees is defined in Note 1 to the board's basicfinancial statements. All federal and state awards received directly from federal and stateagencies, as well as federal awards and state financial assistance passed through othergovernment agencies, are included on the schedules of expenditures of federal awards andstate financial assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of awards and financial assistance are presentedon the budgetary basis of accounting with the exception of programs recorded in the foodseNice fund, which are presented using the accrual basis of accounting. These bases ofaccounting are described in Note 1 to the board's basic financial statements. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB'sCircular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and StateAid. Therefore, some amounts presented in this schedule may differ from amounts presentedin, or used in the presentation of, the basic financial statements. This does not apply to charterschools as districts are not permitted to defer the June payments to charter schools.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.