Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Modified cash basis
De Minimis Rate Used: N
Rate Explanation: This was not a requirement of either federal grants received.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity
of the Congregation B’Nai (the “Synagogue”) under programs of the federal government for the year
ended March 31, 2024. The information in this SEFA 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 SEFA presents only a
selected portion of the operations of the Synagogue, it is not intended to and does not present the net
assets, changes in net assets, or cash flows of the Synagogue.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Modified cash basis
De Minimis Rate Used: N
Rate Explanation: This was not a requirement of either federal grants received.
Expenditures reported on the SEFA are reported on the modified cash 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. The Synagogue has
elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.