Notes to SEFA
Title: General
Accounting Policies: Regulatory Basis
De Minimis Rate Used: N
Rate Explanation: Township did not use an indirect cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards programs of the Township of Montclair. The Township is defined in Note 1 to the Township’s 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.
Title: Basis of Accounting
Accounting Policies: Regulatory Basis
De Minimis Rate Used: N
Rate Explanation: Township did not use an indirect cost rate.
The accompanying schedules of expenditures of federal awards are presented using the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is described in Note 1, Summary of Significant Accounting Policies, of the Township’s financial statements. The information in the schedule of expenditures of federal awards is presented in accordance with the OMB Uniform Guidance.
Title: Relationship to Basic Regulatory Basis Financial Statements
Accounting Policies: Regulatory Basis
De Minimis Rate Used: N
Rate Explanation: Township did not use an indirect cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal financial reports.
Title: Indirect Cost Rate
Accounting Policies: Regulatory Basis
De Minimis Rate Used: N
Rate Explanation: Township did not use an indirect cost rate.
The Township has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance.