Notes to SEFA
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented on thebudgetary basis of accounting with the exception of programs recorded in the enterprise fund, which arepresented using the accrual basis of accounting and those in the special revenue fund, which arepresented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1 (D) to the Board's basic financial statements. The information included in this schedule ispresented in accordance with the requirements of OMB Uniform Guidance and NJ OMB 15-08.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used inthe preparation of, the basic financial statements. The District has elected not to use the 10% de minimisindirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.