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: Auditor has elected to use 10 percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards (“the schedule”)
includes the federal grant activity of Mosdos Satmar BP Inc. under programs of
the federal government for the period beginning July 1, 2022 through 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 Mosdos Satmar BP Inc., it is not intended to
and does not present the financial position, changes in net assets or cash flows of
Mosdos Satmar BP Inc.
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: Auditor has elected to use 10 percent de minimis cost 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: 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: Auditor has elected to use 10 percent de minimis cost rate.
The amount of food commodities reported on the schedule is the value of food
commodities distributed by Mosdos Satmar BP Inc. and priced as prescribed by
the United States Department of Agriculture.
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: Auditor has elected to use 10 percent de minimis cost rate.
Mosdos Satmar BP Inc. 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: Auditor has elected to use 10 percent de minimis cost rate.
Mosdos Satmar BP Inc. has elected to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.