Audit 310411

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: Seminary Bnos Chaim has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Seminary Bnos Chaim (the School) under programs of the federal government for the year ended June 30, 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 the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.

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: Seminary Bnos Chaim has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Seminary Bnos Chaim 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, Federal Supplemental Educational Opportunity Grant (“FSEOG”), and Federal Work-Study (“FWS”) 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: Seminary Bnos Chaim 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: Seminary Bnos Chaim has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Management considers events and transactions 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 disclosures. These financial statements were available to be issued on March 12, 2024 and subsequent events have been evaluated through that date.