Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Board are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant programs noted below. The programs on the Schedule of Expenditures of Federal Awards represent all Federal award programs with fiscal year 2022, cash or non-cash expenditure activities. For single audit testing, we tested to ensure coverage of at least 20% of Federally granted funds. Actual coverage was78%. Expenditures reported on the Schedule of Expenditures of Federal Awards are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board haselected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis ofaccounting in accordance with accounting principles generally accepted in the United States of America. The non-cash expenditures of $1,598,992, were reported under Assistance Listing No. 10.555, USDA Food Distribution Program. These non-cash expenditures represent the value of food commodities distributed in fiscal year 2022, as calculated using the U.S. Department of Agriculture, Food and Nutrition Commodity Price List in effect as of July 1, 2021.
Title: RECONCILIATION TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of the Board are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant programs noted below. The programs on the Schedule of Expenditures of Federal Awards represent all Federal award programs with fiscal year 2022, cash or non-cash expenditure activities. For single audit testing, we tested to ensure coverage of at least 20% of Federally granted funds. Actual coverage was78%. Expenditures reported on the Schedule of Expenditures of Federal Awards are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board haselected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total expenditures per the Schedule of Expenditures of Federal Awards (the Schedule) reconcile to the Board's basic financial statements as follows: Revenues per the Statement of Revenues, Expenditures and Changes in Fund Balances - Federal - General Funds (includes Impact Aid, EPA, FEMA, NJROTC) $ 63,761,372 - Federal - Food and Nutrition Services 24,567,474 - Total per Financial Statements 88,328,846 - Less: Medical Assistance payments not on Schedule 1,824,171 - Less: U.S. NJROTC Federal reimbursement not on Schedule 80,057 - Total Expenditures per Schedule of Expenditures of Federal Awards $ 86,424,618