Title: Relationship to Basic Financial Statements
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all of all federal awards and state financial assistance programs of the District. The Board of Education is defined in Note 1 to the boards basic financial statements. All federal awards and state financial assistance passed through other governement agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting
The accompanying schedules of expenditures of federal awards and state financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the enterprise funds, which are presented using the accrual of accounting and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. The basis of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules in these schedules are presented in accordance with the requirements of 2 CFR 200- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and NJ OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some aoumts presented in this schedule may differ from amounts presented 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.
Amounts reported in the accompanying schedules agree with amounts reported in the District’s basic financial statements. The basic financial statements present the general
fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the fiscal year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.
The general fund is presented in the accompanying schedules on the modified accrualbasis of accounting with the exception of the revenue recognition of the last two state aid payments in the current year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes, those payments are not recognized until the subsequent year due to
the state deferral and recording of the last two state aid payments in the subsequent year. The special revenue fund is presented in the accompanying schedules on the
grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payments in the current budget year, consistent with N.J.S.A. 18A:22-44.2.
As a result, the federal account receivable balance in the special revenue fund on the
budgetary basis differs from the GAAP basis as follows:
Accounts Receivable Budgetary Basis Less: Encumbrances GAAP Basis
Federal $749,255 $127,422 $621,833
The net adjustment to reconcile from the budgetary basis to the GAAP basis is ($71,329) for the general fund. See note to required supplementary information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds (C-3). Federal and State award revenues are reported in the District's basic financial statements on a GAAP basis as follows:
Federal State Total
General fund $19,669 $19,953,371 $19,973,040
Special revenue fund 2,113,112 822,890 2,936,002
Capital projects fund 135,475 135,475
Debt service fund 502,489 502,489
Total financial award revenues $2,132,781 $21,414,225 $23,547,006
Title: Relationship to Federal and State Financial Reports
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all of all federal awards and state financial assistance programs of the District. The Board of Education is defined in Note 1 to the boards basic financial statements. All federal awards and state financial assistance passed through other governement agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting
The accompanying schedules of expenditures of federal awards and state financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the enterprise funds, which are presented using the accrual of accounting and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. The basis of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules in these schedules are presented in accordance with the requirements of 2 CFR 200- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and NJ OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some aoumts presented in this schedule may differ from amounts presented 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.
Amounts reported in the accompanying schedules agree with the amounts reported inthe related federal and state financial reports.
Title: Other
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all of all federal awards and state financial assistance programs of the District. The Board of Education is defined in Note 1 to the boards basic financial statements. All federal awards and state financial assistance passed through other governement agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting
The accompanying schedules of expenditures of federal awards and state financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the enterprise funds, which are presented using the accrual of accounting and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. The basis of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules in these schedules are presented in accordance with the requirements of 2 CFR 200- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and NJ OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some aoumts presented in this schedule may differ from amounts presented 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.
TPAF Social Security Contributions represent the amount reimbursed by the State for the employer’s share of Social Security for TPAF members for the year ended June 30, 2023.
The post-retirement pension, medical and disability insurance benefits received on behalf of the District for the year ended June 30, 2023 amounted to $12,277,139. Since on-behalf post retirement pension, medical and disability insurance benefits are paid by the State directly, these expenditures are not subject to a single audit in accordance with
New Jersey OMB Circular 15-08, however they are reported on the Schedule of Expenditures of State Financial Assistance, as directed by the funding agency.
Title: Indirect Costs
Accounting Policies: General
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all of all federal awards and state financial assistance programs of the District. The Board of Education is defined in Note 1 to the boards basic financial statements. All federal awards and state financial assistance passed through other governement agencies, are included on the schedules of expenditures of federal awards and state financial assistance.
Basis of Accounting
The accompanying schedules of expenditures of federal awards and state financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the enterprise funds, which are presented using the accrual of accounting and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. The basis of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules in these schedules are presented in accordance with the requirements of 2 CFR 200- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and NJ OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some aoumts presented in this schedule may differ from amounts presented 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.
The district did not use the 10% de minimus indirect cost rate.