Notes to SEFA
Amounts reported in the accompanying schedules agree with amounts reported in the District’s basic financial statements. 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 fiscal 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 of accounting with the exception of the revenue recognition of the last two state aid payments in the current year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes, those payments are not recognized until the subsequent year due to the state deferral and recording of the last two 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 last state aid payments in the current budget year, consistent with N.J.S.A. 18A:22-44.2. As a result, the federal account receivable balance in the special revenue fund on the budgetary basis differs from the GAAP basis as follows: Accounts Receivable Budgetary Basis Add: PY Encumbrances Less: CY Encumbrances GAAP Basis Federal $793,408 - $178,746 $614,662 The net adjustment to reconcile from the budgetary basis to the GAAP basis is ($740,359) for the general fund and ($75,988) for the special revenue fund. See note to required supplementary information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds (C-3). Federal and State award revenues are reported in the District's basic financial statements on a GAAP basis as follows: Federal State Total General Fund $87,464 $57,831,435 $57,918,899 Special Revenue Fund 4,087,097 9,198,609 13,285,706 Food Service Enterprise Fund 2,537,279 202,327 2,739,606 Total Financial Award Revenues $6,711,840 $67,232,371 $73,944,211
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.