Title: NOTE 1. GENERAL
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School 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 awards and state financial
assistance include federal and state award activity of the Board of Trustees, the Kindle
Education Public Charter School. The Board of Trustees is defined in Note 1 to the
board’s basic financial statements. 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 schedules of expenditures of federal awards and
state financial assistance.
Title: NOTE 2. BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School 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 and
financial assistance 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 basis of accounting are described in Note 1 to the board’s basic financial
statements. The information in these schedules is presented in accordance with the
requirements of Title 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, “Single Audit
Policy for Recipients of Federal Grants, State Grants, and State Aid”. Therefore, some
amounts presented in these schedules may differ from amounts presented in, or used in the
preparation of, the basic financial statements.
Title: NOTE 3. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance
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 June state aid payment in the current budget year, consistent
with N.J.S.A. 18A:22-44.2.
Title: NOTE 4. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School 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: NOTE 5. FEDERAL AND STATE LOANS OUTSTANDING
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance
Kindle Education Public Charter School has no loan balances outstanding at June 30, 2024.
Title: NOTE 6. OTHER INFORMATION
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance
Revenues and expenditures reported under the Food Distribution Program represent current year
value received and current year distributions respectively. The amount reported as TPAF Pension
Contributions, TPAF Post-Retirement Medical Benefits Contributions and TPAF Long-Term
Disability Insurance represents the amount paid by the state on behalf of the charter school 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.
Title: NOTE 7. ON-BEHALF PROGRAMS NOT SUBJECT TO STATE SINGLE AUDIT
Accounting Policies: The accompanying schedules of expenditures of federal and state awards and financial assistance 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 basis of accounting are described in Note 1 to the board's basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance
On-behalf State Programs for TPAF Pension and Post-Retirement Medical Benefits Contributions
payments are not subject to a State single audit and, therefore, are excluded from major program
determination. The Schedule of State Financial Assistance provides a reconciliation of State
financial assistance reported in the Charter School’s basic financial statements and the amount
subject to State single audit and major program determination.