Notes to SEFA
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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not 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 Yeshiva & Mesivta Torah Temimah Inc under programs of the 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 of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Yeshiva & Mesivta Torah Temimah Inc, it is not intended to and does not present the financial position, changes in net assets or cash flows of Yeshiva & Mesivta Torah Temimah Inc.
Title: Summary of Significant Accounting Policies
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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not 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 Yeshiva & Mesivta Torah Temimah Inc 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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva & Mesivta Torah Temimah Inc. did not provide any federal awards to subrecipients.
Title: Indirect Cost Rate
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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva & Mesivta Torah Temimah Inc has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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: N
Rate Explanation: Yeshiva & Mesivta Torah Temimah Inc has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva & Mesivta Torah Temimah Inc 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 $500,000. The amount reported on the Schedule of Expenditures of Federal Awards is the amount received during the current fiscal year.