Notes to SEFA
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (collectively, the Schedules) include Federal and state award activity of North Star Academy Charter School of Newark. All Federal and state awards received directly from Federal and state agencies, as well as Federal awards and state financial assistance passed through other organizations are included on the Schedules.
The Schedules present only a selected portion of the activities of the Charter School. They are not intended to, nor do they, present either the balance sheet, revenue, expenditures, or changes in fund balance of the governmental funds. The financial activity for the aforementioned awards is reported in the Charter School’s statement of activities and statement of revenue, expenditures and changes in fund balance - governmental funds. Awards and financial assistance revenues are reported in the Charter School's basic financial statements on a GAAP basis as follows:
Amounts reported in the accompanying Schedules agree with the amounts reported in the related Federal and state financial reports.
The TPAF Social Security Contributions of $1,263,057 represent the amount reimbursed by the State for the employer’s share of Social Security contributions for TPAF members for the year ended June 30, 2025. The amount reported as TPAF Pension System Contributions and TPAF Post-Retirement Medical Benefits Contributions in the amount of $6,069,380 represents the amount paid by the State on behalf of the Charter School for the fiscal year ended June 30, 2025. Subsequent to the fiscal year 2024 audit, the Charter School was notified that the extraordinary aid for the 2023–2024 school year would total $784,382, which was $151,496 less than the amount initially accrued in fiscal year 2024. The Charter School appropriately wrote-off the difference during fiscal year 2025
On-behalf State Programs for TPAF Pension and Post-Retirement Medical Benefits Contributions are not subject to a State single audit and, therefore, are excluded from the 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.