Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported 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: Y
Rate Explanation: Yeshiva Kehilath Yakov, Inc. elected to used the 10% de minimis rate.
The accompanying schedule of expenditures of federal awards (“the Schedule”)
includes the federal grant activity of Yeshivath Kehilath Yakov, Inc. and
Affiliates under programs of the federal government for the year ended June 30,
2024. The information in this schedule is presented in accordance with the
requirement 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 Yeshivath Kehilath Yakov, Inc. and
Affiliates, it is not intended to and does not present the financial position, changes
in net assets or cash flows of Yeshivath Kehilath Yakov, Inc. and Affiliates.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported 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: Y
Rate Explanation: Yeshiva Kehilath Yakov, Inc. elected to used the 10% de minimis rate.
Expenditures reported on the Schedule are reported 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: NON-CASH AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported 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: Y
Rate Explanation: Yeshiva Kehilath Yakov, Inc. elected to used the 10% de minimis rate.
The amount of food commodities reported on the schedule of federal expenditures
is the value of food commodities distributed by Yeshivath Kehilath Yakov, Inc.
and Affiliates and priced as prescribed by the United States Department of
Agriculture.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported 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: Y
Rate Explanation: Yeshiva Kehilath Yakov, Inc. elected to used the 10% de minimis rate.
Yeshivath Kehilath Yakov, Inc. and Affiliates did not provide any federal awards
to subrecipients.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported 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: Y
Rate Explanation: Yeshiva Kehilath Yakov, Inc. elected to used the 10% de minimis rate.
Yeshivath Kehilath Yakov, Inc. and Affiliates has elected to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.