Notes to SEFA
Title: Note 1 - 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Yeshiva Ohr Elchonon Chabad West Coast Talmudical Seminary has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Yeshiva Ohr Elchonon Chabad West Coast Talmudical Seminary (Institution) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institution, it is not intended to, and does not, present the statement of financial position, activities, or cash flows of the Institution
Title: Note 2 - Significant Accounting Policy
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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Yeshiva Ohr Elchonon Chabad West Coast Talmudical Seminary has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance.
Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.