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: The Organization elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“the schedule”) includes the federal grant activity of Talmud Torah Ohel Yochanan and Affiliates under programs of the federal government for the year ended August 31, 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 Talmud Torah Ohel Yochanan and Affiliates, it is not intended to and does not present the financial position, changes in net assets or cash flows of Talmud Torah Ohel Yochanan and Affiliates
Title: NON-CASH ASSISTANCE
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: The Organization elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The amount of food commodities reported on the schedule of federal expenditures is the value of food commodities distributed by Talmud Torah Ohel Yochanan and Affiliates and priced as prescribed by the United States Department of Agriculture.
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: The Organization elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Talmud Torah Ohel Yochanan and Affiliates provided $2,175,645 of School
Breakfast Program and National School Lunch Program awards to subrecipients.