Title: Note 1: Basis of Presentation
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the budgetary basis of accounting with the following exception: programs recorded in the enterprise
fund are presented using the accrual basis of accounting and programs recorded in the capital projects fund
are presented using the modified accrual basis of accounting. These bases of accounting are described in
Note 1 to the School District’s basic financial statements. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey
OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid .
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of
the School District for the year ended June 30, 2024. 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, 2024.
De Minimis Rate Used: N
Rate Explanation: The School District did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying schedules of expenditures of federal awards and state financial assistance present the
activity of all federal awards and state financial assistance programs of the Rumson-Fair Haven Regional
School District. The School District is defined in Note 1 of the basic financial statements. The information
in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single
Audit Policy for Recipients of Federal Grants, State Grants and State Aid . All federal and state awards
received directly from federal and state agencies, as well as federal awards 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 3: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the budgetary basis of accounting with the following exception: programs recorded in the enterprise
fund are presented using the accrual basis of accounting and programs recorded in the capital projects fund
are presented using the modified accrual basis of accounting. These bases of accounting are described in
Note 1 to the School District’s basic financial statements. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey
OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid .
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of
the School District for the year ended June 30, 2024. 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, 2024.
De Minimis Rate Used: N
Rate Explanation: The School District did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary
comparison statements or schedules (RSI) 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 .
The net adjustment to reconcile from the budgetary basis to the GAAP basis is ($10,802.00) for the general fund
and ($9,637.24) for the Special Revenue Fund. See Exhibit C-3 Note A of the basic financial statements, for a
reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue
funds. Awards and financial assistance expenditures reported in the School District’s basic financial statements on
a GAAP Basis.
Title: Note 4: Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the budgetary basis of accounting with the following exception: programs recorded in the enterprise
fund are presented using the accrual basis of accounting and programs recorded in the capital projects fund
are presented using the modified accrual basis of accounting. These bases of accounting are described in
Note 1 to the School District’s basic financial statements. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey
OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid .
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of
the School District for the year ended June 30, 2024. 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, 2024.
De Minimis Rate Used: N
Rate Explanation: The School District did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state
financial reports.
Title: Note 5: Federal and State Loans Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented
using the budgetary basis of accounting with the following exception: programs recorded in the enterprise
fund are presented using the accrual basis of accounting and programs recorded in the capital projects fund
are presented using the modified accrual basis of accounting. These bases of accounting are described in
Note 1 to the School District’s basic financial statements. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey
OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid .
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of
the School District for the year ended June 30, 2024. 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, 2024.
De Minimis Rate Used: N
Rate Explanation: The School District did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The School District had no loan balances outstanding at June 30, 2024.