The accompanying schedules present the activity of all federal and state financial assistance programs of the Carteret Board of Education. The Board of Education is defined in Note 1(A) to the Board's financial statements. All federal financial assistance received directly from federal 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.
The accompanying schedules of expenditures of federal awards and state 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 2 to the Board’s basic financial statements. The information in these schedules are presented in accordance with the requirements of 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and 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 basic financial statements.
general fund and an increase of $802,378 for the special revenue fund. See the Notes 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. Awards and financial assistance revenues are reported in the Board’s financial statements on a GAAP basis as presented as follows: See chart.
Amounts reported in the accompanying schedules may not necessarily agree with the amounts reported in the related federal and state financial reports due to timing differences between the District’s fiscal year and grant program years.
Revenues and expenditures reported under the Food Distribution Program as non-cash assistance represent current year value received and current year distributions, respectively. TPAF Social Security contributions in the amount of $2,535,595 represents the amount reimbursed by the State for the employer’s share of social security contributions for TPAF members for the fiscal year ended June 30, 2025. The amount reported as TPAF Pension System Contributions in the amount of $11,499,274, TPAF Post-Retirement Medical Benefits Contributions in the amount of $3,360,097 and TPAF Long-Term Disability Insurance in the amount of $5,145 represents the amount paid by the State on behalf of the District for the fiscal year ended June 30, 2025.
The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The adjustment column includes amounts necessary to reconcile program revenues and expenditures to the amounts reported in the District’s financial statements. In the Special Revenue Fund, adjustments primarily reflect the cancellation of prior-year encumbrances, which resulted in corresponding cancellations of related grant receivables. For the Enterprise Fund, adjustments represent the cancellation of grant receivables associated with reimbursement requests that were denied by the State due to late submission of drawdowns. As a result, the related accounts receivables were removed from the Schedule of Expenditures of Federal Awards and the Schedule of State Financial Assistance.