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 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Bais Reuven Kamenetz of Lakewood,
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 (the Schedule) includes the federal grant
activity of Bais Reuven Kamenetz of Lakewood, Inc. (the School) under programs of the federal
government for the year ended June 30, 2022. 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). Because
the Schedule presents 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: Child Nutrition Programs:
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 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Bais Reuven Kamenetz of Lakewood,
Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bais Reuven Kamenetz of Lakewood, 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 Schedule 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.
De Minimis Rate Used: Y
Rate Explanation: Bais Reuven Kamenetz of Lakewood,
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 Schedule 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.
De Minimis Rate Used: Y
Rate Explanation: Bais Reuven Kamenetz of Lakewood,
Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Management considers events and transactions 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 March 23, 2023, and subsequent events have been evaluated through that date.