Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Yeshiva Toras Chaim, Inc. has electedto use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federalgrant activity of Yeshiva Toras Chaim, Inc. (the School) under programs of the federal government for theyear ended August 31, 2022. The information in this schedule is presented in accordance with therequirements 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 Schedulepresents only a selected portion of the operations of Yeshiva Toras Chaim Inc., it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Yeshiva Toras Chaim, Inc.
Title: Department of Agriculture Grants:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Yeshiva Toras Chaim, Inc. has electedto use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Yeshiva Toras Chaim, Inc. was approved by the State of New Jerseys Department of Agriculture, underthe National School Lunch Act and Child Nutrition Act of 1966, to operate the Food Nutrition Programwhich includes both the School Breakfast Program and the National School Lunch Program. In addition,the organization runs their supper program under the Child and Adult Care Food Program. The programsenable the School to offer free or reduced-priced meals to eligible students.
Title: Department of Education Grants
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Yeshiva Toras Chaim, Inc. has electedto use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Yeshiva Toras Chaim, Inc. receives grants from the U.S. Department of Education as part of the studentfinancial assistance program as well as the higher education emergency relief fund (HEERF) program.Under the student financial assistance program, the Organization receives funds from Pell and FederalSupplemental Educational Opportunity Grant (FSEOG) grants to help eligible students defray the cost oftuition. OnMarch 28, 2020, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signedinto law which provided almost $14 billion to higher education institutions via HEERF. Under HEERF, theOrganization receives the Student Aid Portion, Institutional Portion, and the Strengthening InstitutionsPortion (SIP) grants to help defray costs associated with the coronavirus, provide scholarships to students,as well as replace lost revenue due to the pandemic.
Title: Use of Estimates:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Yeshiva Toras Chaim, Inc. has electedto use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect certain reported amounts anddisclosures. Accordingly, actual results could differ from those estimates.
Title: Subsequent Events:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Yeshiva Toras Chaim, Inc. has electedto use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Management considers events and transaction that occur after the financials statement date, but before thefinancial statements are issued, to provide additional evidence relative to certain estimates or to identifymatters that require additional disclosure. These financial statements were available to be issued onDecember 30, 2022, and subsequent events have been evaluated through the date.