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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes
the federal grant activity of Bais Trany of Monsey Inc. under programs of the federal
government for the year ended August 31, 2024. The information in the 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 Bais Trany of Monsey Inc. it is not intended
to and does not present the financial position, changes in net assets or cash flows of Bais
Trany of Monsey Inc.
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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
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: 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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The amount of food commodities reported on the schedule is the value of food
commodities distributed by Bais Trany of Monsey Inc. 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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Bais Trany of Monsey Inc. 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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Title: LOAN OUTSTANDING BALANCE
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: N
Rate Explanation: Bais Trany of Monsey Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Bais Trany of Monsey Inc. had a Disaster Assistance Loan balance of $2,000,000 as of
August 31, 2024.