Notes to SEFA
Title: NOTE 3: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of financial assistance present the activity of all federal awards programs of the Borough of South Plainfield, County of Middlesex, New Jersey. All federal awards received directly from agencies is included on the Schedule of Expenditures of Federal Awards. The accompanying schedule of expenditures of financial assistance is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Boroughs financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules of expenditures agree with the amounts reported in the related federal financial reports. Amounts reported in the accompanying schedules agree with amounts reported in the Boroughs regulatory basis financial statements. These amounts are reported in either the Current Fund, Grant Fund or General Capital Fund.
Title: NOTE 4: OTHER
Accounting Policies: The accompanying schedules of expenditures of financial assistance present the activity of all federal awards programs of the Borough of South Plainfield, County of Middlesex, New Jersey. All federal awards received directly from agencies is included on the Schedule of Expenditures of Federal Awards. The accompanying schedule of expenditures of financial assistance is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Boroughs financial statements - regulatory basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedules.