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: The organization maintained the same policy as the prior year.
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes
the federal grant activity of Mesivta Torah Vodaath Rabbinical Seminary under programs
of the federal government for the year ended June 30, 2023. 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 Mesivta Torah Vodaath Rabbinical Seminary,
it is not intended to and does not present the financial position, changes in net assets or
cash flows of Mesivta Torah Vodaath Rabbinical Seminary.
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: The organization maintained the same policy as the prior year.
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: 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: The organization maintained the same policy as the prior year.
Mesivta Torah Vodaath Rabbinical Seminary 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: The organization maintained the same policy as the prior year.
Mesivta Torah Vodaath Rabbinical Seminary has not elected to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.