Title: NOTE 1. GENERAL
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
The accompanying schedules of financial assistance present the activity of all federal and state financial assistance programs of the Millville Board of Education. The Board of Education is defined in Note 1(A) to the Board's basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and state financial assistance passed through other government agencies, is included on the schedule of expenditures of federal awards and state financial assistance.
Title: NOTE 2. BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
Title: NOTE 3. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the Board's basic financial statements. The basic financial statements present the General Fund and Special Revenue Fund on the GAAP basis. 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 net adjustment to reconcile from the budgetary basis to the GAAP basis is -$51,435.87. See the Note to the Required Supplementary Information/Budget to GAAP Reconciliation (Exhibit C-3) for a reconciliation of the budgetary basis to the GAAP basis of accounting for the General Fund and the Special Revenue Fund as it relates to the final state aid payment.
Federal and state award revenues, including those contributed to School Based Budgets, are reported in the Board's basic financial statements on a GAAP basis as follows: See the Notes to the SEFA for chart/table The On-Behalf Pension Contributions made for the district by the State of New Jersey are recognized as revenue in the basic financial statements, but are not considered in the major program determination.
Title: NOTE 4. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Title: NOTE 5. OTHER
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
Revenues and expenditures under the Food Distribution Program represent current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amounts paid by the state on behalf of the district for the year ended June 30, 2023. TPAF Social Security Contributions represents the amount reimbursed by the state for the employer's share of social security contributions for TPAF members for the year ended June 30, 2023.
Title: NOTE 6. ADJUSTMENTS
Accounting Policies: The accompanying schedules of financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the food services fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The District has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the direct cost rate.
Adjustments were made to various Federal and State grants due to the cancellation of both encumbrance payable and both accounts receivable and payable from the previous year or a reduction of state aid.