Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal financial programs of the Borough of Sayreville, County of Middlesex, New Jersey. All federal financial assistance received directly from federal, as well as federal assistance passed through other governmental agencies is included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: NA
The accompanying schedules of expenditures of federal awards is presented on the prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a comprehensive basis of accounting, other then U.S. generally accepted accounting principles. The basis of accounting, with exception, is described in Note 1 to the Borough’s financial statements - regulatory basis. The Borough has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal financial programs of the Borough of Sayreville, County of Middlesex, New Jersey. All federal financial assistance received directly from federal, as well as federal assistance passed through other governmental agencies is included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: NA
Amounts reported in the accompanying schedule of agree with the amounts reported in the related federal financial report.
Title: Relationship to Financial Statements - Regulatory Basis
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal financial programs of the Borough of Sayreville, County of Middlesex, New Jersey. All federal financial assistance received directly from federal, as well as federal assistance passed through other governmental agencies is included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: NA
Amounts reported in the accompanying schedule agree with amounts reported in the Borough’s regulatory basis financial statements. All these amounts are reported in either the Current Fund or the Grant Fund.
Title: Other
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal financial programs of the Borough of Sayreville, County of Middlesex, New Jersey. All federal financial assistance received directly from federal, as well as federal assistance passed through other governmental agencies is included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: NA
Matching contributions expended by the Borough in accordance with terms of the various grants are not reported in the accompanying schedules.