Notes to SEFA
Accounting Policies: 1.GENERALThe accompanying schedules of expenditures of federal awards present the activity of all federal awards of the City of Asbury Park. The City is defined in Note 1 to the Citys basic financial statements. To the extent identified, the federal award that passed through other governmental agencies is included on the schedules of expenditures of federal awards.2.BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards are presented using the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is described in Note 1, Summary of Significant Accounting Policies, of the City's financial statements. The information in the schedules of expenditures of federal awards is presented in accordance with the OMB Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.