Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the accrual basis of accounting. The information in the schedules are presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New
Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State
Aid. Wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not have negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect
cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance present the
activity of all federal awards and state financial assistance programs of the Authority. The Authority is defined
in Note 1 of the basic financial statements. The information in these schedules is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New
Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State
Aid. All federal and state awards received directly from federal and state agencies, as well as federal awards
and state financial assistance passed through other government agencies is included on the schedule of
expenditures of federal awards and state financial assistance.
Title: SUB-RECIPIENTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the accrual basis of accounting. The information in the schedules are presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New
Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State
Aid. Wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not have negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect
cost rate.
The Authority provided no state financial assistance to sub-recipients for the year ended December 31, 2022.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the accrual basis of accounting. The information in the schedules are presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New
Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State
Aid. Wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not have negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect
cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and
state financial reports.
Title: FEDERAL AND STATE LOANS OUTSTANDING
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the accrual basis of accounting. The information in the schedules are presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New
Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State
Aid. Wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not have negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect
cost rate.
As of December 31, 2022, the Authority is not the guarantor of any loans outstanding.