Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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 using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedules of expenditures of federal and state awards include the federal and state grant activity of the District under programs of the federal and state governments for the fiscal year ended June 30, 2024. 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 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 in 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 using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The basic financial statements present the General and Special Revenue Funds on the 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. The General Fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last two state aid payments in the current budget year, which is mandated pursuant to P.L. 2003, C.97. For GAAP purposes, the current year payments are not recognized until the subsequent budget year due to the state deferral and recording of the last two state aid payments in the subsequent year. The Special Revenue Fund also does not recognize the June state aid payments in the current 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 revenue, whereas the GAAP basis does not. Grant revenue in the capital projects fund is recognized on
the budgetary basis in the fiscal year of the award but is not recognized on the GAAP basis until expended and submitted for reimbursement. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $3,166 for the general fund and $586,945 (of which $4,354 relates to local grants) for the special revenue fund. See Note 1D for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds.
Title: Relationship to Federal and State Financial Report
Accounting Policies: Expenditures reported in 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 using the accrual basis of accounting.
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: Federal and State Loans Outstanding
Accounting Policies: Expenditures reported in 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 using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Borough of Bloomingdale School District had no loan balances outstanding at June 30, 2024.
Title: Other
Accounting Policies: Expenditures reported in 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 using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
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, 2024. Revenue and
expenditures reported under the Federal Food Distribution Program represent current year value received and
current year distributions, respectively.
Title: NJ Clean Energy Grant
Accounting Policies: Expenditures reported in 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 using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The District has been awarded two grants in the amount of $945,664 from the School and Small Business Ventilation and Energy Efficiency Verification and Repair Program (SSB-VEEVR). As of June 30, 2024, $497,624 of the grants have been expended and drawn down on a GAAP basis. The District realizes the full amount of the grant revenue on a budgetary basis in the year awarded and realizes the grant revenue on a GAAP basis as it is expended and submitted for reimbursement. Expenditures reported under the SSB-VEEVR on the
Schedule of Expenditures of Federal Awards represent reimbursement requests submitted to the SSB-VEEVR.