Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying schedules of expenditures of federal and state awards are reported on the
budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented
on the accrual basis of accounting. These bases of accounting are described in Note 1 to the District’s basic financial
statements. Such expenditures 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. Negative amounts, if any,
shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedules of expenditures of federal and state awards includes the federal and state grant activity
of the Caldwell-West Caldwell School District under programs of the federal and state governments for the fiscal year
ended June 30, 2022. The information in these schedules are presented in accordance with the requirements of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”) and New Jersey’s OMB Circular 15-08, Single Audit Policy
for Recipients of Federal Grants, State Grants and State Aid. Because the schedules present only a selected portion
of the operations of the District, they are not intended to and do not present the financial position, changes in net
position or cash flows of the District.
Title: Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the accompanying schedules of expenditures of federal and state awards are reported on the
budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented
on the accrual basis of accounting. These bases of accounting are described in Note 1 to the District’s basic financial
statements. Such expenditures 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. Negative amounts, if any,
shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
The basic financial statements present the General and Special Revenue Funds on a GAAP basis. Budgetary
comparison statements or schedules (RSI) are presented for the General and Special Revenue Funds to demonstrate
finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in
the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures
have been made.
Title: Relationship to Federal and State Financial Report
Accounting Policies: Expenditures reported on the accompanying schedules of expenditures of federal and state awards are reported on the
budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented
on the accrual basis of accounting. These bases of accounting are described in Note 1 to the District’s basic financial
statements. Such expenditures 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. Negative amounts, if any,
shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state
financial reports.
Title: Other
Accounting Policies: Expenditures reported on the accompanying schedules of expenditures of federal and state awards are reported on the
budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented
on the accrual basis of accounting. These bases of accounting are described in Note 1 to the District’s basic financial
statements. Such expenditures 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. Negative amounts, if any,
shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
Revenue and expenditures reported under the Food Distribution Program represent current year value received and
current year distributions respectively. TPAF Social Security contributions represent the amount reimbursed by the
State for the employers’ share of social security contributions for TPAF members for the fiscal year ended June 30,
2022.