Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedules 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: Talmud Torah Yesodei Hatorah has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance (the
Schedules) includes the federal and state grant activity of Talmud Torah Yesodei Hatorah (the School)
under programs of the federal government for the year ended June 30, 2023. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Because the Schedules presents only a selected portion of the operations of the
School, it is not intended to and does not present the financial position, changes in net assets, or cash
flows of the School.
Title: Child Nutrition Programs:
Accounting Policies: Expenditures reported on the Schedules 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: Talmud Torah Yesodei Hatorah has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Talmud Torah Yesodei Hatorah 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.
Title: Use of Estimates:
Accounting Policies: Expenditures reported on the Schedules 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: Talmud Torah Yesodei Hatorah 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 Schedules 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: Talmud Torah Yesodei Hatorah 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 April 3, 2024, and subsequent events have been evaluated through that date.