Title: General
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The Renaissance School has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance programs (collectively, the Schedules) include Federal and state award activity of KIPP: Cooper Norcross, Inc. (the Renaissance School). 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, are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance.
Title: Relationship to the Basic Financial Statements
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The Renaissance School has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedules of Expenditures of Federal Awards and State Financial Assistance present only a selected portion of the activities of the Renaissance School. It is not intended to, nor does it, present either the balance sheet, revenue, expenditures, or changes in fund balance of the governmental funds. The financial activity for the aforementioned awards is reported in the Renaissance School’s statement of activities and statement of revenue, expenditures and changes in fund balance - governmental funds.
Awards and financial assistance revenues are reported in the Renaissance School's basic financial statements on a GAAP basis as follows
Title: Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The Renaissance School has not elected 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: Other
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The Renaissance School has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Teachers’ Pension and Annuity Fund (TPAF) Social Security Contributions of $534,603 represent the amount to be reimbursed by the state for the employer’s share of Social Security contributions for TPAF members for the year ended June 30, 2024.
The amount reported as On-Behalf TPAF Pension Contributions, On-Behalf TPAF Post- Retirement Medical Benefits Contributions and On-Behalf TPAF Long-term Disability Insurance in the amount of $2,801,524, represents the amount paid by the state on behalf of the Renaissance School for the fiscal year ended June 30, 2024.
Title: On-Behalf Programs Not Subject to State Single Audit
Accounting Policies: The accompanying Schedules are presented on the accrual basis of accounting. 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 the provisions of New Jersey Department of the Treasury OMB's Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
De Minimis Rate Used: N
Rate Explanation: The Renaissance School has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
On-behalf State Programs for TPAF Pension, Post-Retirement Medical Benefits and Long-Term Disability Insurance Contributions are not subject to a State single audit and, therefore, are excluded from the major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the Renaissance School's basic financial statements and the amount subject to State single audit and major program determination.