Title: General
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards present the activity of all federal and state award programs of the Manalapan-Englishtown Regional School District (District). The District is defined in Note 1 to the District’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other government agencies are included on the schedules of expenditures of federal and state awards.
Title: Basis of Accounting
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards are presented using the modified accrual basis of accounting with the exception of programs recorded in the Food Service Fund, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules are presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
Title: Relationship to Basic Financial Statements
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 one or more deferred June 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 one or more June 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 one or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of accounting for the General Fund and Special Revenue Fund. Financial award revenues are reported in the District’s basic financial statements on a GAAP basis as follows: See the Notes to the SEFA for chart//table.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Title: Other
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Revenues and expenditures reported under the Food Donation Program represent current year value received and current year distributions respectively. TPAF Social Security and Post Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF members for the year ended June 30, 2022. The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB Circular 15-08.
Title: Indirect Costs
Accounting Policies: General
The accompanying schedules of expenditures of federal and state awards present the activity of
all federal and state award programs of the Manalapan-Englishtown Regional School District
(District). The District is defined in Note 1 to the District’s basic financial statements. All federal
and state awards received directly from federal and state agencies, as well as federal and state
awards passed through other government agencies are included on the schedules of
expenditures of federal and state awards.
2. Basis of Accounting
The accompanying schedules of expenditures of federal and state awards are presented using
the modified accrual basis of accounting with the exception of programs recorded in the Food
Service Fund, which are presented using the accrual basis of accounting, and those recorded in
the special revenue fund, which are presented using the budgetary basis of accounting. These
bases of accounting are described in Note 1 to the District's basic financial statements. The
information in these schedules are presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements.
3. Relationship to 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 one or more deferred June 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 one or more June 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 one
or more state aid June payments in the current budget year, consistent with N.J.S.A. 18A:22-4.2.The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(13,181,935) for
the General Fund and $323,259 for the Special Revenue Fund. See the Note to Required
Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of
accounting for the General Fund and Special Revenue Fund. Financial award revenues are
reported in the District’s basic financial statements on a GAAP basis as follows:Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related
federal and state financial reports.
5. Other
Revenues and expenditures reported under the Food Donation Program represent current year
value received and current year distributions respectively. TPAF Social Security and Post
Retirement/Medical Benefits Contributions represent the amounts reimbursed by the State for the
employer’s share of social security contributions and Post Retirement/Medical Benefits for TPAF
members for the year ended June 30, 2022.
The TPAF post retirement/medical benefits expenditures are not subject to New Jersey OMB
Circular 15-08.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.