Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedules 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: Yeshiva Orchos
Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedules of expenditures of federal awards and state financial assistance (the
Schedules) includes the federal and state grant activity of Yeshiva Orchos Chaim, Inc (the School)
under programs of the federal government for the year ended August 31, 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 Principles, and Audit
Requirements for Federal Awards (Uniform Guidance) and State of New Jersey Department of
Treasury Circular 2015-08 Single Audit Policy for recipients of Federal Grants, State Grants, and
State Aid. Because the Schedules present only a selected portion of the operations of the School,
they are not intended to and do not present the financial position, changes in net assets, or cash
flows of the School.
Title: Federal Awards:
Accounting Policies: Expenditures reported on the Schedules 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: Yeshiva Orchos
Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Yeshiva Orchos Chaim, 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
Child Nutrition Program which includes both the School Breakfast Program and the National
School Lunch Program. The programs enable the School to offer free or reduced-priced meals to
eligible students.
Title: Use of Estimates:
Accounting Policies: Expenditures reported on the Schedules 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: Yeshiva Orchos
Chaim, 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 Schedules 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: Yeshiva Orchos
Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Management considers events and transaction 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 May 27, 2024, and subsequent events have been evaluated through the
date.