Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules 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: Congregation Oros Bais Yaakov of Lakewood Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) includes the federal and state grant activity of Congregation Oros Bais Yaakov of Lakewood Inc. (the School) under programs of the federal government for the year ended December 31, 2022. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedules presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.
Title: Child Nutrition Programs
Accounting Policies: Expenditures reported on the Schedules 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: Congregation Oros Bais Yaakov of Lakewood Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Congregation Oros Bais Yaakov of Lakewood 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 as well as the Summer Food Service Program during the summer.
Title: Use of Estimates
Accounting Policies: Expenditures reported on the Schedules 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: Congregation Oros Bais Yaakov of Lakewood 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 Schedules 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: Congregation Oros Bais Yaakov of Lakewood Inc. 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 disclosure. These financial statements were available to be issued on August 16, 2023 and subsequent events have been evaluated through that date.