Notes to SEFA
Accounting Policies: The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis ofaccounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis ofaccounting. These bases of accounting are described in Note 1to the Board's basic financial statements. The information 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.