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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Toras Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal grant activity of Yeshiva Toras Chaim, Inc. (the School) under programs of the federal government for the year ended August 31, 2024. The information in this schedule 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 Schedule presents only a selected portion of the operations of Yeshiva Toras Chaim Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Yeshiva Toras Chaim, Inc.
Title: Department of Agriculture Grants
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Toras Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva Toras Chaim, Inc. was approved by the State of New Jersey’s Department of Agriculture, under the National School Lunch Act and Child Nutrition Act of 1966, to operate the Food Nutrition Program which includes both the School Breakfast Program and the National School Lunch Program. In addition, the organization runs their supper program under the Child and Adult Care Food Program. The programs enable the School to offer free or reduced-priced meals to eligible students.
Title: Department of Education Grants
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Toras Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Yeshiva Toras Chaim, Inc. receives grants from the U.S. Department of Education as part of the student financial assistance program as well as the higher education emergency relief fund (HEERF) program. Under the student financial assistance program, the Organization receives funds from Pell and Federal Supplemental Educational Opportunity Grant (“FSEOG”) grants to help eligible students defray the cost of tuition.
Title: Use of Estimates
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Toras Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Title: Subsequent Events
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Yeshiva Toras Chaim, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Management considers events and transactions that occur after the financials statement date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. These financial statements were available to be issued on February 13, 2025, and subsequent events have been evaluated through the date.