Title: GENERAL
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. The information in these schedules is 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance Programs (collectively, the Schedules) include Federal and state award activity of TEAM Academy Charter School, Inc. (the Charter School). All Federal and state awards received directly from Federal and state agencies, as well as Federal awards and state financial assistance passed through other government agencies, are included on the Schedules.
Title: RELATIONSHIP TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. The information in these schedules is 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedules of Awards and Financial Assistance present only a selected portion of the activities of the Charter School. It is not intended to, nor does it, present either the balance sheet, revenue, expenditures, or changes in fund balance of the governmental funds. The financial activity for the aforementioned awards is reported in the Charter Schools statement of activities and statement of revenue, expenditures and changes in fund balance - governmental funds. See the Notes to the SEFA for the table.
Title: OTHER
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. The information in these schedules is 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Teachers Pension and Annuity Fund (TPAF) Social Security Contributions of $2,301,062 represents the amount reimbursed by the state for the employers share of Social Security contributions for TPAF members for the year ended June 30, 2022. The amount reported as TPAF Pension System Contributions, TPAF Post-Retirement Medical Benefits Contributions in the amount of $14,071,395, represents the amount paid by the state on behalf of the Charter School for the fiscal year ended June 30, 2022.
Title: ON-BEHALF PROGRAMS NOT SUBJECT TO STATE SINGLE AUDIT
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. The information in these schedules is 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
On-behalf State Programs for TPAF Pension and Post-Retirement Medical Benefits Contributions are not subject to a State single audit and, therefore, are excluded from the major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the Charter School's basic financial statements and the amount subject to State single audit and major program determination.