Notes to SEFA
Accounting Policies: Note 1 - General:The accompanying schedule of expenditures of federal awards present the activity of all federal award programs of the Township of Millburn. The Township is defined in Note 1 to the financial statements. To the extent identified, the federal awards that passed through other governmental agencies are included on the schedules of expenditures of federal awards.Note 2 - Basis of Accounting:The accompanying schedules are presented using the regulatory basis of accounting as prescribed or permitted for municipalities by the Division of Local Government Services, Department of Community Affairs, State of New Jersey which differ in certain respects from accounting principles generally accepted in the United States of America (GAAP) applicable to local government units. This basis of accounting is described in Note 2 to the Townships financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.