Title: BASIS OF PRESENTATION
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal award activity includes the federal award
activity of Yeshiva Mesivta Arugath Habosem under programs for the federal government for the
year ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of the 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 Mesivta
Arugath Habosem, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Organization.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
Reconciliation of receipts and expenditures to the statement of activities and changes in net assets
of the Organization is as follows:
Cash Assistance per SEFA $ 1,588,241
Non-Cash Assistance per SEFA 4,444
Total Expenditures per SEFA 1,592,685
State Grants Received included in Financial Statement 41,332
Total Received per Financial Statement at June 30, 2023 $ 1,634,017
Title: DISASTER ASSISTANCE LOAN (59.008)
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Organization received a Distaster Assistance Loan. The balance outstanding on the loan as of
June 30, 2023 was $2,000,000. As of June 30, 2023, all loan proceeds were expended.
Title: PASS THROUGH AGENCY AND SUBRECIPIENTS
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Organization participates in the New York State Department of Education Food Programs
(for breakfast, lunch, and summer programs) and the New York State Department of Health Food
Program (for the supper program), which are “pass-through agencies” of the United States
Department of Agriculture. There were no payments made to subrecipients for federal awards
received during the year ended June 30, 2023.
Title: CHILD NUTRITION CLUSTER PROGRAM
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Yeshiva Mesivta Arugath Habosem was approved by the State of New York’s Department of
Agriculture, under the National School Lunch Act and the Child Nutrition Act of 1966, to
operate the Child Nutrition Program, which includes the School Breakfast Program, the
National School Lunch Program and the Summer Food Service Program. The programs enable
the school to offer free or reduced-priced meals to eligible students.
Title: SUBSEQUENT EVENTS
Accounting Policies: The schedule of expenditures of federal awards is presented 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. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Mesivta Arugath Habosem has elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Organization has evaluated subsequent events and transactions for potential recognition or
disclosure in the schedule of expenditures of federal awards through March 28, 2024, the date
the schedule of expenditures of federal awards was available to be issued.