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 Office of Management and Budget (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 (the Schedule) represent all Federal award programs with fiscal year 2024, 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 was 46%.
Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
The non-cash expenditures of $1,130,622, were reported under Assistance Listing No. 10.555,
U.S. Department of Agriculture (USDA) Food Distribution Program. These non-cash expenditures represent the value of food commodities distributed in fiscal year 2024, as calculated using the U.S. Department of Agriculture, Food and Nutrition Commodity Price List in effect as of July 1, 2024.
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 Office of Management and Budget (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 (the Schedule) represent all Federal award programs with fiscal year 2024, 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 was 46%.
Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total expenditures per the Schedule of Expenditures of Federal Awards reconcile to the Board's basic financial statements as follows:
Revenues per the Statement of Revenues, Expenditures and Changes
in Fund in Balances
Federal - General Funds (includes Impact Aid, NJROTC) $ 38,435,924
Federal - Food and Nutrition Services 12,399,305
Total per Financial Statements 50,835,229
Less: Medical Assistance payments not recorded on Schedule
of Expenditures of Federal Awards (Schedule) 1,936,405
Less: U.S. NJROTC Federal reimbursement not on Schedule 95,655
Total Expenditures per Schedule of Expenditures of Federal Awards $ 48,803,169