Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 320086346.
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal award and state financial assistance activity of the Commission under programs of the federal and state government for the year ended December 31, 2022. The information in these Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Policy Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedules present only a selected portion of the operations of the Commission, they are not intended to and do not present the financial position or change in reserves of the Commission.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission does not have an indirect cost allocation plan nor does it use the default rate of 10%.
Title: Note 4. Loans Outstanding
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission had permanent and temporary loan balances outstanding of $73,157,053 and $246,929,293, respectively, at December 31, 2022.
Title: Note 5. Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the Schedules are reported on the modified cash basis of accounting. Expenditures related to the Wastewater Trust and Fund loans are recognized when reimbursed. FEMA expenditures are recognized when they have been obligated to a project worksheet and eligible expenditures have been incurred.
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 Commissions basic financial statements. See Note 2 for summary of the significant accounting policies and the table below for reconciliation of the Schedules to the basic financial statements. Project/Grant Expenditures: Wastewater Treatment Trust Fund $50,204,081 Repair, Replacement & Improvement Fund $100,083,522 Less: Wastewater Project Expenditures not Chargeable to the Grant ($1,600,000) Less: Portions Pending Grantor Payment Requisition Approval ($7,122,812) Less: FEMA Matching Portions ($177,392) $141,387,399 Reported On: Schedule of Expenditure of Federal Awards $121,430,829 Schedule of Expenditures of State Financial Assistance $19,956,570 $141,387,399