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, 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 last two state aid payments in the current year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes, those paymen,ts are not recognized until the subsequent year due to the state deferral and recording of the last two 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 N.J.S.A. 18A:22-44.2. As a result, the federal and state accounts receivable balance in the special revenue fund on the budgetary basis differs from the GAAP basis as follows: Accounts Budgetary Plus: Less: Deferred State Receivable Basis Encumbrances Aid Payments GAAP Basis State $12,011,021 $803,919 $12,814,940 Federal $19,989,916 $689,677 ($1,992,639) $18,686,954 The net adjustment to reconcile from the budgetary basis to the GAAP basis is $2,159,982 for the general fund and ($1,992,639) for the special revenue fund. See Note to Required Supplementary Information for a reconciliation for the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds (C-3). 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 $190,896 $224,447,877 $224,638,773 Special Revenue Fund 12,814,940 8,686,954 31,501,894 Capital Projects Fund 969,594 969,594 Debt Service Fund 3,495,837 3,495,837 Total Financial Award Revenues $13,005,836 $247,600,262 $260,606,098
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
The adjustments presented on schedule K-3 and K-4 are the results of the cancellation of prior year encumbrances and accounts payables.
School-wide programs are not separate federal programs as defined in the Uniform Guidance; amounts used in school-wide programs are not included in the total expenditures of program contributing the funds in the Schedule of Expenditure of Federal Awards. Title I program expenditures of $5,131,743 are included in the schoolwide programs in the District.