Notes to SEFA
Title: Note 1 – BASIS OF PRESENTATION
Accounting Policies: THE SCHEDULE OF FEDERAL EXPENDITURES INCLUDES FEDERAL GRANT ACTIVITY OF YESHIVA OF MACHZIKAI HADAS, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The accompanying schedule of federal expenditures includes federal grant activity of Yeshiva of
Machzikai Hadas, Inc. and is presented on the accrual basis of accounting. The information in this
schedule is presented in accordance with the requirements of the Uniform Guidance, Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE SCHEDULE OF FEDERAL EXPENDITURES INCLUDES FEDERAL GRANT ACTIVITY OF YESHIVA OF MACHZIKAI HADAS, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST 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. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in, the
preparation of the basic financial statements.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: THE SCHEDULE OF FEDERAL EXPENDITURES INCLUDES FEDERAL GRANT ACTIVITY OF YESHIVA OF MACHZIKAI HADAS, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
Yeshiva of Machzikai Hadas, Inc. (the College) has elected not to use the 10% de minimis indirect
cost rate as allowed under the Uniform Guidance.
Title: NOTE 4 – PASS-THROUGH AWARDS TO SUBRECIPIENTS
Accounting Policies: THE SCHEDULE OF FEDERAL EXPENDITURES INCLUDES FEDERAL GRANT ACTIVITY OF YESHIVA OF MACHZIKAI HADAS, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
There were no awards passed through to subrecipients.
Title: NOTE 5 – STUDENT FINANCIAL AID CLUSTER
Accounting Policies: THE SCHEDULE OF FEDERAL EXPENDITURES INCLUDES FEDERAL GRANT ACTIVITY OF YESHIVA OF MACHZIKAI HADAS, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The College is approved by the New York State Department of Education to participate in Title IV
federal student aid programs. This includes both the Federal Pell Grant Program and the Federal
Supplemental Educational Opportunity Grant (FSEOG) Program. These programs provide financial
assistance to eligible students to help cover tuition and other educational expenses. The Federal Pell
Grant Program offers need-based grants, while the FSEOG provides additional funding to students with
exceptional financial need. These programs are considered part of the Student Financial Assistance
Cluster, a group of related Title IV programs designed to support students in their pursuit of higher
education.