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 with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment 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 payment in the current budget, consistent with N.J.S.A. 18A:22-4.2. As a result, the federal accounts receivable balance in the special revenue fund on the budgetary basis differs from the GAAP basis as follows: Federal AR budgetary basis $6,066,270 Less encumbrances $1,835,582 GAAP basis $4,230,688 The net adjustment to reconcile from the budgetary basis to the GAAP basis is $1,047,118 for the general fund and $654,869 for the special revenue fund. See note to Required Supplementary Information (C-3) for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. 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 $62,804 $76,165,579 $76,228,383 Special Revenue Fund 9,751,503 9,342,017 19,095,502 Capital Projects 123,089 123,089 Enterprise Fund/Food Service 3,903,254 153,959 4,057,213 Total Financial Award Revenues $13,717,561 $85,786,626 $99,504,187
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Revenues and expenditures reported under the Food Donation Program represent current year value received and current year distributions, respectively. 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, 2025. The post-retirement pension, disability insurance and medical benefits received on-behalf of the District for the year ended June 30, 2025 amounted to $21,126,263. Since on-behalf post-retirement pension, disability insurance and medical benefits are paid by the State directly, these expenditures are not subject to a single audit in accordance with New Jersey OMB Circular 15-08. They are however reported on the Schedule of Expenditures of State Financial Assistance, as directed by the funding agency. The New Jersey School Development Authority (SDA) is administering and constructing projects on behalf of the District. These expenditures are not subject to a Single Audit in accordance with New Jersey OMB’s Circular 15-08, however they are reported on the Schedule of Expenditures of State Financial Assistance, as directed by the funding agency. The SDA expenditures incurred for the year ended June 30, 2025 amounted to $123,089.
The adjustments on the Schedule of Expenditures of Federal Awards represent the reallocation of grant funds misapplied, the write-off of uncollectible receivables, and cancellation of prior year encumbrances. The adjustments on the Schedule of Expenditures of State Financial Assistance represent the repayment of prior years’ balances and the cancellation of prior year encumbrances.
Schoolwide programs are not separate Federal programs as defined in the Uniform Guidance; amounts used in schoolwide programs are included in the total expenditures of the program contributing the funds in the Schedule of Expenditures of Federal Awards. The following federal funds are included in schoolwide programs of the District:Title 1 $ 2,334,365
The District elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.