Notes to SEFA
Accounting Policies: The accompanying schedules of expenditures of awards and financial assistance are presented on thebudgetary basis of accounting with the exception of programs recorded in the food service fund, whichare presented using the accrual basis of accounting. These bases of accounting are described in Note 1to the Board's basic financial statements. The information in this schedule is presented in accordancewith the requirements of OMB Uniform Guidance and NJ OMB Circular 15-08. Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of, the basicfinancial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.