Notes to SEFA
Accounting Policies: NOTE 1. GENERAL The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance include federal and state award activity of the Hudson County Community College (the College). The College is defined in Note 1 to the College basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other governmental agencies, are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance. NOTE 2. BASIS OF ACCOUNTING The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.