Audit 298204

Title: Note A - Basis of Presentation Accounting Policies: Accrual basis De Minimis Rate Used: N Rate Explanation: The organization 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 Rabbinical College of Ohr Shimon Yisroel (the organization), 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 Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the organization.

Title: Note B - Summary of Significant Accounting Policies Accounting Policies: Accrual basis De Minimis Rate Used: N Rate Explanation: The organization 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: Note D - Subrecipients Accounting Policies: Accrual basis De Minimis Rate Used: N Rate Explanation: The organization has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance. he organization did not provide any federal funds to subrecipients.