Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedules)
includes the federal and state grant activity of Yeshiva Meor Hatorah, Inc. (the School) under programs of the
federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State of New Jersey
Department of Treasury Circular 2015-08 Single Audit Policy for recipients of Federal Grants, State Grants,
and State Aid. Because the Schedules present only a selected portion of the operations of the School, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of the School.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Title: CHILD NUTRITION PROGRAM
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva Meor Hatorah, Inc was approved by the State of New Jersey’s Department of Agriculture, under the
National School Lunch Act and Child Nutrition Act of 1966, to operate the Food Nutrition Program which
includes both the School Breakfast Program and the National School Lunch Program.
Title: USE OF ESTIMATES
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
Title: SUBSEQUENT EVENTS
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Meor Hatorah, Inc has elected to use the ten percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Management considers events and transaction that occur after the financials statement date, but before the
financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters
that require additional disclosure. These financial statements were available to be issued on January 2, 2024, and
subsequent events have been evaluated through that date.