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, Frankford Township Board ofEducation. The Board of Trustees is defined in Note 1 to the boards basic financial statements.All federal and state awards received directly from federal and state agencies, as well as federalawards and state financial assistance passed through other government agencies is included onthe schedules of expenditures of federal awards and state financial assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of federal and state awards and financialassistance are presented on the budgetary basis of accounting with the exception of programsrecorded in the food service fund, which are presented using the accrual basis of accounting.These basis of accounting are described in Note 1 to the boards basic financial statements. Theinformation in these schedules is presented in accordance with the requirements of Title 2 CFR200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards and the New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of FederalGrants, State Grants, and State Aid. Therefore, some amounts presented in these schedulesmay differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.