Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Torah Education of America, Inc under programs of the federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As the schedule presents only a selected portion of the operations of Torah Education of America, Inc, it is not intended to and does not present the financial position, change in net assets, or cash flows of Torah Education of America, Inc.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
ECONOMIC INJURY DISASTER LOAN EMERGENCY ADVANCE (59.072) - Balances outstanding at the end of the audit period were 2000000.