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: Auditee has elected to use the ten percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (“the schedule”)
includes the federal grant activity of Congregation Sheri Torah of Khal Vyoel
Moshe 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 Congregation Sheri Torah of Khal Vyoel Moshe and Affiliates,
it is not intended to and does not present the financial position, changes in net assets
or cash flows of Congregation Sheri Torah of Khal Vyoel Moshe 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: Auditee has elected to use the ten percent de minimis indirect 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.
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: Auditee has elected to use the ten percent de minimis indirect cost rate.
Congregation Sheri Torah of Khal Vyoel Moshe 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: Auditee has elected to use the ten percent de minimis indirect cost rate.
Congregation Sheri Torah of Khal Vyoel Moshe and Affiliates has elected to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.