Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented usingthe accrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheOrganization has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards present the activity ofall federal and state financial assistance programs of North Jersey RC&D Area, Inc.. Theinformation in these schedules are presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance), Audits of States,Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in theseschedules may differ from amounts presented in, or used in the preparation of the basicfinancial statements. All federal and state financial assistance received directly from federal andstate agencies, as well as federal and state financial assistance passed through othergovernment agencies is included in the schedules of expenditures of federal and state awards.
Title: Sub-recipients
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented usingthe accrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheOrganization has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal or state awards were provided to sub-recipients.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented usingthe accrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheOrganization has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of federal and state financial reportsvary by agency and among programs administered by the same agency. Accordingly, theamounts reported in the federal and state financial reports do not necessarily agree with theamounts in the accompanying schedules of expenditures of federal and state awards, which isprepared on the accrual basis of accounting explained in Note 2.
Title: Single Audit - Type A/Type B Program Threshold
Accounting Policies: Summary of Significant Accounting Principles
The accompanying schedules of expenditures of federal and state awards are presented usingthe accrual basis of accounting which is described in Note 2 to the financial statements. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheOrganization has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single Audit requirement is $750,000.