Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures 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: Talmud Torah Ohr Moshe has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 2000000.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures 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: Talmud Torah Ohr Moshe has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("the Schedule")includes the federal grant activity of Talmud Torah Ohr Moshe under programs ofthe federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirement of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance).Because the schedule presents only a selected portion of the operations of TalmudTorah Ohr Moshe, it is not intended to and does not present the financial position,changes in net assets or cash flows of Talmud Torah Ohr Moshe.
Title: NONCASH AWARDS
Accounting Policies: Expenditures 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: Talmud Torah Ohr Moshe has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of food commodities reported on the schedule of federal expenditures is the value of food commodities distributed by Talmud Torah Ohr Moshe and priced as prescribed by the United States Department of Agriculture.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures 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: Talmud Torah Ohr Moshe has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Talmud Torah Ohr Moshe did not provide any federal awards to subrecipients.
Title: LOAN OUTSTANDING BALANCE
Accounting Policies: Expenditures 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: Talmud Torah Ohr Moshe has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Talmud Torah Ohr Moshe was the recipient of a loan from the U.S. Small Business Administration's Economic Injury Disaster Loan program. The total balance of the loan as of June 30, 2022 is $2,000,000. The amount reported on the Schedule of Expenditures of Federal Awards is the amount received during the current fiscal year.