Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not 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 Bnei Yakov Yosef of Monsey under programs of the federal government for the year ended August 31, 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 Requireents for Federal Awards (Uniform Guidance). Because the schedule presents only a selected
portion of the operations of Bnei Yakov Yosef of Monsey, it is not intended to and does not represent the financial position, changes in net assets or cash flows of Bnei Yakov Yosef of Monsey.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards 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 3 NONCASH AWARDS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not 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 Bnei Yakov Yosef of Monsey and priced as prescribed by the United States Department of Agriculture.
Title: NOTE 4 SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bnei Yakov Yosef of Monsey did not provide any federal awards to subrecipients for the period of September 1, 2021, through August 31, 2022.
Title: NOTE 5 INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bnei Yakov Yosef of Monsey has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 6 LOAN OUTSTANDING BALANCE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Bnei Yakov Yosef of Monsey has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bnei Yakov Yosef of Monsey 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 August 31, 2022, is $500,000. The amount reported on the schedule is the amount received during the current fiscal year.