Notes to SEFA
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 where in 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: N
Rate Explanation: Machzikei Hadath Rabbinical College and Affiliate has not elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.