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 and 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 of accounting with the exception of the revenue recognition of the two last state aid payments in the current year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes those payments are not recognized until the subsequent 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 year, consistent with NJSA 18A:22-44.2. As a result, the federal accounts receivable balance in the special revenue fund on the budgetary basis differs from the GAAP basis as follows: Accounts Budgetary Less Less Deferred State Receivable Basis Encumbrances Aid Payments GAAP Basis Federal $ 1,969,125 $ 112,706 $ 1,856,419 State $ 2,020,693 $ 939,443 $ 1,081,250 $ - The net adjustment to reconcile from the budgetary basis to the GAAP basis is $1,601,692 for the general fund and $2,272,310 for the special revenue fund. See Note 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. 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 $ 148,615 $ 151,586,449 $ 151,735,064 Special Revenue Fund 8,790,967 12,930,932 21,721,899 Capital Projects Fund 763,252 763,252 Food Service Enterprise Fund 3,630,798 102,978 3,733,776 Total award revenues $ 12,570,380 $ 165,383,611 $177,953,991 4.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
School-wide programs are not separate Federal programs as defined in the Uniform Guidance; amounts used in school-wide programs are included in the total expenditures of the program contributing the funds in the schedule of expenditures of Federal Awards. The following funds by program are included in school-wide programs in the District. Title I - Part A $ 999,865 $ 999,865
Revenues and expenditures reported under the Food Donation Program represent current year value received and current year distributions, respectively. TPAF Social Security contributions 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 post retirement pension, disability insurance and medical benefits received on-behalf of the District for the year ended June 30, 2025 amounted to $21,923,750. 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, however, they are required to be reported on the Schedule of Expenditures of State Financial Assistance, as directed by the funding agency.
The adjustments presented on schedules K-3 and K-4 are the result of the cancellation of prior year encumbrances and accounts receivable.