Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are recorded 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.
De Minimis Rate Used: N
Rate Explanation: The de minimis rate may not be sufficient to cover all indirect costs,
potentially leading to budget shortfalls for essential services or programs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Congregation Iched Anash 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 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 Congregation Iched Anash, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Congregation Iched Anash.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the Schedule are recorded 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.
De Minimis Rate Used: N
Rate Explanation: The de minimis rate may not be sufficient to cover all indirect costs,
potentially leading to budget shortfalls for essential services or programs.
Expenditures reported in the Schedule are recorded 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.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported in the Schedule are recorded 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.
De Minimis Rate Used: N
Rate Explanation: The de minimis rate may not be sufficient to cover all indirect costs,
potentially leading to budget shortfalls for essential services or programs.
Congregation Iched Anash has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Subrecipients
Accounting Policies: Expenditures reported in the Schedule are recorded 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.
De Minimis Rate Used: N
Rate Explanation: The de minimis rate may not be sufficient to cover all indirect costs,
potentially leading to budget shortfalls for essential services or programs.
Congregation Iched Anash did not pass on any funds to subrecipients.
Title: Note 5 - Reconciliation of Award Period
Accounting Policies: Expenditures reported in the Schedule are recorded 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.
De Minimis Rate Used: N
Rate Explanation: The de minimis rate may not be sufficient to cover all indirect costs,
potentially leading to budget shortfalls for essential services or programs.
The award period for the Urban Area Security Initiative from the U.S. Department of Homeland Security spans from September 1, 2022, to August 31, 2023. In contrast, the fiscal year for the financial statements runs from January 1, 2023, to December 31, 2023. Since the Organization primarily operates during the summer months of June, July, and August, there is little to no activity between December 31 and March 31, and no federal awards were expended during that period. Therefore, there is no reconciliation regarding the difference in fiscal year-end.