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: Y
Rate Explanation: The auditee elected to use the 10% de minimis rate.
The accompanying schedule of expenditures of federal awards (“the schedule”)
includes the federal grant activity of Talmud Torah Ohel Yochanan and Affiliates
under programs of the federal government for the year ended August 31, 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 Talmud Torah Ohel Yochanan and Affiliates, it is not intended to
and does not present the financial position, changes in net assets or cash flows of
Talmud Torah Ohel Yochanan and Affiliates
Title: Non-Cash Assistance
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: Y
Rate Explanation: The auditee elected to use the 10% de minimis rate.
The amount of food commodities reported on the schedule of federal expenditures
is the value of food commodities distributed by Talmud Torah Ohel Yochanan
and Affiliates and priced as prescribed by the United States Department of
Agriculture.
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: Y
Rate Explanation: The auditee elected to use the 10% de minimis rate.
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: Y
Rate Explanation: The auditee elected to use the 10% de minimis rate.
Talmud Torah Ohel Yochanan and Affiliates 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: Y
Rate Explanation: The auditee elected to use the 10% de minimis rate.
The Organization elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.