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 Pride Academy 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 schedule 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 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 bases of accounting are described in Note 1
to the board’s basic financial statements. The information in this schedule is presented in accordance
with the requirements of 2 (CFR) Part 200 ‐Uniform Guidance Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the audit requirements
as prescribed by the Office of School Finance, Department of Education, State of New Jersey; New Jersey
Circular 15‐08 OMB, 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 presentation of, the basic financial statements. This does not apply to charter schools as districts are
not permitted to defer the June payments to charter schools.
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.
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
The Pride Academy 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 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
payment are 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’s School’s basic financial statements and the amount subject to State
single audit and major program determination.