Notes to SEFA
Accounting Policies: The accompanying schedules of federal awards and state financial assistance are presented on the budgetary basis ofaccounting with the exception of programs recorded in the enterprise fund, which are presented using the accrual basis ofaccounting and those in the special revenue fund, which are presented using the budgetary basis of accounting. These basesof accounting are described in Notes 1(C) and 1 (D) to the Board's basic financial statements. The information included inthis schedule is presented in accordance with the requirements of OMB Uniform Guidance and NJ OMB 1508.Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basicfinancial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.