Notes to SEFA
Title: BASIS OF PRESNETATION
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: Direct Allocation Method due to the small size of the organzation.
The accompanying schedule of expenditures of federal awards (“SEFA”) includes the federal grant activity of Lubavitch Education Center, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of Lubavitch Education Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lubavitch Education Center, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: Direct Allocation Method due to the small size of the organzation.
(1) Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
Title: INDIRECT COST RATE
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: Direct Allocation Method due to the small size of the organzation.
Lubavitch Education Center, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.