Title: Note 1. Basis of Presentation
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
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 present theactivity of all federal awards and state financial assistance programs of the County of Monmouth. TheCounty is defined in Note 1 of the basic financial statements. The information in these schedules ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance) and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients ofFederal Grants, State Grants and State Aid. All federal and state awards received directly from federaland state agencies, as well as federal awards and state financial assistance passed through othergovernment agencies is included on the schedule of expenditures of federal awards and state financialassistance.
Title: Note 3. Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
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 County's financialstatements.
Title: Note 4. Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The regulations and guidelines governing the preparation of federal and state financial reports vary byfederal and state agency and among programs administered by the same agencies. Accordingly, theamounts reported in the federal and state financial reports do not necessarily agree with the amountsreported in the accompanying Schedules, which is prepared on the modified accrual basis of accountingas explained in Note 2.
Title: Note 5. Federal and State Loans Outstanding
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The County had no loan balances outstanding at December 31, 2022
Title: Note 6. Contingencies
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
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 Countys grant programfor economy, efficiency and program results. However, the County administration does not believe suchaudits would result in material amounts of disallowed costs.
Title: Note 7. Major Programs
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented using themodified accrual basis of accounting as promulgated by the State of New Jersey, Department ofCommunity Affairs, Division of Local Government Services, which is described in the Notes to theFinancial Statements, Note 1.The amounts shown as current year expenditures represent only the federal or state grant portion of theprogram costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
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.