Title: 1. General
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
Title: 2. Basis of Accounting
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards are presented 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. These bases of accounting are
described in Note 1 to the Board's basic financial statements.
Title: 3. Relationship to General Purpose Financial Statements
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Relationship to Basic Financial Statements
The basic financial statements present the general fund and special revenue fund on a GAAP
basis. Budgetary comparison statements or schedules are presented for the general fund and
special revenue fund 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 one or more deferred June state aid payments in
the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP
purposes payments are not recognized until the subsequent budget year due to the state deferral
and recording of the one or more June state aid payments in the subsequent 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
revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2
Title: 3. Relationship to General Purpose Financial Statements (continued)
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is $54,111 for the
general fund and $(112,203) for the special revenue fund. See Exhibit C-3 for a reconciliation of
the budgetary basis to the GAAP basis of accounting for the general and special revenue fund.
Awards and financial assistance revenues are reported in the Board's basic financial statements
on a GAAP basis as presented below:
Federal State Total
General Fund $ 28,472 $ 8,208,951 $ 8,237,423
Special Revenue Fund 2,276,797 526 2,277,323
Capital Projects Fund - - -
Debt Service Fund - 382,846 382,846
Food Service Fund 268,745 8,741 277,486
Total awards and financial
assistance $ 2,574,014 $ 8,601,064 $ 11,175,078
Title: 4. Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Amounts reported in the accompanying schedules agree with the amounts reported in the
related federal and state financial reports.
Title: 5. Other
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
TPAF Social Security and Post Retirement/Medical Benefits Contributions represent the
amounts reimbursed by the State for the employer’s share of social security contributions and
Post Retirement/Medical Benefits for TPAF members for the year ended June 30, 2024.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
Title: 6. Indirect Costs
Accounting Policies: The accompanying schedules of expenditures of award present the activity of all federal and
state awards of the Board of Education of Point Pleasant Borough School District. The Board of
Education is defined in Note 1(A) to the Board's general purpose financial statements. All
federal and state awards received directly from federal and state agencies, as well as federal
and state awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.