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 recognizedfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Sephardic Bet Yaakov, Inc. has elected to use the ten percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedules) includes thefederal and state grant activity of Sephardic Bet Yaakov, Inc. (the School) under programs of the federal government forthe year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Sephardic Bet Yaakov, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Sephardic Bet Yaakov, Inc.
Title: Food Nutrition Program:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Sephardic Bet Yaakov, Inc. has elected to use the ten percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Sephardic Bet Yaakov, Inc. was approved by the State of New Jerseys Department of Agriculture, under the NationalSchool Lunch Act and Child Nutrition Act of 1966, to operate the Food Nutrition Program which includes both the SchoolBreakfast Program and the National School Lunch Program.
Title: Use of Estimates:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Sephardic Bet Yaakov, Inc. has elected to use the ten percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The preparation of financial statements in conformity with generally accepted accounting principles requires managementto make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results coulddiffer from those estimates.
Title: Subsequent Events:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Sephardic Bet Yaakov, Inc. has elected to use the ten percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Management considers events and transaction that occur after the financials statement date, but before the financialstatements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additionaldisclosure. These financial statements were available to be issued on May 29, 2023 and subsequent events have beenevaluated through that date.