Notes to SEFA
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state grant activity of Urban League of Hudson County, Inc. and Affiliate, Urban League Affordable Housing and Community Development Corporation (collectively, the Organization) under programs of the federal government and state agencies for the year ended December 31, 2022. The information in these Schedules are 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 the State of New Jersey Department of the Treasury OMB Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (NJ OMB Circular 15-08). Because the Schedules present only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ OMB Circular 15-08 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.