Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule)includes the federal grant activity of Talmud Torah Ohel Yochanan and Affiliatesunder programs of the federal government for the year ended August 31, 2022.The information in this schedule is presented in accordance with the requirementof Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Talmud Torah Ohel Yochanan and Affiliates, it is not intended toand does not present the financial position, changes in net assets or cash flows ofTalmud Torah Ohel Yochanan and Affiliates.
Title: Non-cash Assistance
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The amount of food commodities reported on the schedule of federal expendituresis the value of food commodities distributed by Talmud Torah Ohel Yochananand Affiliates and priced as prescribed by the United States Department ofAgriculture.
Title: DISASTER ASSISTANCE LOAN
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Balances outstanding at the end of the audit period were $2,000,000.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Talmud Torah Ohel Yochanan and Affiliates did not provide any federal awardsto subrecipients.