EXHIBIT K-5
TOWNSHIP OF JACKSON
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED DECEMBER 31, 2012
Note 1. General
The accompanying schedules of federal and state financial assistance present the activity of all federal and state financial assistance programs of the Township of Jackson. The Township is defined in Note 1 to the Township's general-purpose financial statements.
Note 2. Basis of Accounting
The accompanying schedules of federal and state financial assistance are presented using the modified accrual basis of accounting as promulgated by the State of New Jersey, Department of Community Affairs, Division of Local Government Services, which is described in the Notes to the Financial Statements, Note 1.
Note 3. Relationship to Financial Statements – Statutory Basis
Amounts reported in the accompanying schedules agree with amounts reported in the Township's general-purpose financial statements. Expenditures from awards are reported in the Township's financial statements as follows:
StateFederalTotal
State & Federal Grant Fund$ 274,477$ 493,096$ 767,573
Current Fund-275,842275,842
Trust Fund210,789-210,789
Capital Fund866,635-866,635
Total$ 1,351,901$ 768,938$ 2,120,839
Note 4. Relationship to Federal and State Financial Report
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial report.
Note 5. Major Programs
Major programs are identified in the Schedule of Findings and Questioned Costs section.
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