N.J.A.C.5:30-14.49 requires that the Township perform a separate review report of the Plan in accordance with the American Institute of Certified Public Accounts Statements for Accounting and Auditing Review Services.
The Township is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at December 31, 2014, and reported at fair value are as follows:
| Type | Carrying Value |
|---|---|
| Deposits | |
| Demand Deposits | $ 28,579,506 |
| Total Deposits | $ 28,579,506 |
| Reconciliation of Statement of Assets, Liabilities, Reserves and Fund Balance: | |
| Current Fund | $ 10,665,503 |
| Animal Control Trust Fund | 101,722 |
| Open Space Trust Fund | 2,599,645 |
| Trust - Other Fund | 10,247,943 |
| General Capital Fund | 4,935,299 |
| Public Assistance Fund | 27,268 |
| Payroll Fund | 2,126 |
| Total Cash and Cash Equivalents | $ 28,579,506 |
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank failure, the Township's deposits might not be recovered. Although the Township does not have a formal policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit
Deposit Protection Act (GUDPA). Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by the Federal Deposit Insurance Corporation (FDIC). Public funds owned by the Township in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, bail funds, or funds that may pass to the Township relative to the happening of a future condition. Such funds are shown as uninsured and uncollateralized in the schedule that follows.
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