Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Board of Education, Randolph Township School District under programs of the federal government for the fiscal year ended June 30, 2025. The information in this schedule 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"). Because the schedule presents only a selected portion of the operations of the District, this is not intended to and does not present the financial position, changes in net position or cash flows of the District.
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 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 revenue, whereas the GAAP basis does not. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $17,367 for the Special Revenue Fund.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Revenue and expenditures reported under the Food Distribution Program represent current year value received and current year distributions respectively.