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 audit 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 payments in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes, payments are not recognized until the subsequent budget year due to the state deferral and recording of the last 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, consistent with N.J.S.A. 18A:22-4.2. The Proprietary Fund (Enterprise Fund – Food Service) is presented in the accompanying schedules on the GAAP basis. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(2,007,943) for the General Fund and $(212,912) for the Special Revenue Fund. See Exhibit “C-3” (the Notes to the 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 basic financial statements on a GAAP basis as presented below: Federal State Total General Fund $ 446,313 $172,724,530 $ 173,170,843 Special Revenue Fund 9,911,462 18,108,144 28,019,606 Food Service Fund 5,391,243 243,115 5,634,358 Community Ed Fund 1,182,113 - 1,182,113 Total Awards and Financial Assistance $ 16,931,131 $191,075,789 $208,006,920
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
The District had no loan balances outstanding at June 30, 2025.
In the Special Revenue Fund, adjustments primarily reflect the prior period adjustment related to deferred revenue balances.
Revenues and expenditures reported under the Food Distribution 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.