Notes to SEFA
Accounting Policies: NOTE 1 GENERALThe 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 Town of Morristown. The Town is defined in Note 1 to the 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. NOTE 2 BASIS OF ACCOUNTINGThe accompanying schedules are presented using the regulatory basis of accounting as prescribed 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 1 to the Town's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.