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: Lakewood Cheder School, 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 awards and state financial assistance (the Schedules)
includes the federal and state grant activity of Lakewood Cheder School, Inc. (the School) under programs
of the federal and State government for the year ended August 31, 2024. The information in these schedules
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 Schedules present only a selected portion of the operations of Lakewood
Cheder School Inc., it is not intended to and does not present the financial position, changes in net assets,
or cash flows of Lakewood Cheder School, Inc.
Title: Food Nutrition Program
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: Lakewood Cheder School, Inc. has
elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Lakewood Cheder School, 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 the School Breakfast Program, National School Lunch Program, and the Summer
Food Service Program. These programs enable the School to offer free or reduced-priced meals to eligible
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: Lakewood Cheder School, 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 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: Lakewood Cheder School, Inc. has
elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Management considers events and transaction 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 May
27, 2025 and subsequent events have been evaluated through that date.