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: Yeshiva Toras Chaim, 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 and state awards (the Schedule) includes the federal
grant activity of Yeshiva Toras 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). Because the Schedule
presents only a selected portion of the operations of Yeshiva Toras Chaim Inc., it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Yeshiva Toras Chaim, Inc.
Title: Department of Agriculture Grants:
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: Yeshiva Toras Chaim, Inc. has elected
to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva Toras 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 Food Nutrition Program
which includes both the School Breakfast Program and the National School Lunch Program. In addition,
the organization runs their supper program under the Child and Adult Care Food Program. The programs
enable the School to offer free or reduced-priced meals to eligible students.
Title: Department of Education Grants:
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: Yeshiva Toras Chaim, Inc. has elected
to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva Toras Chaim, Inc. receives grants from the U.S. Department of Education as part of the student
financial assistance program as well as the higher education emergency relief fund (HEERF) program.
Under the student financial assistance program, the Organization receives funds from Pell and Federal
Supplemental Educational Opportunity Grant (“FSEOG”) grants to help eligible students defray the cost of
tuition.
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: Yeshiva Toras 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 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: Yeshiva Toras 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 March
10, 2024, and subsequent events have been evaluated through the date.