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: Auditee elected to use the ten percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards (“the Schedule”)
includes the federal grant activity of United Talmudical Academy of Kiryas Joel,
Inc. and Subsidiaries 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 United Talmudical Academy
of Kiryas Joel, Inc. and Subsidiaries, it is not intended to and does not present the
financial position, changes in net assets or cash flows of United Talmudical
Academy of Kiryas Joel, Inc. and Subsidiaries.
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: Y
Rate Explanation: Auditee elected to use the ten percent de minimis cost rate.
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: NONCASH AWARDS
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: Auditee elected to use the ten percent de minimis cost rate.
The amount of food commodities reported on the schedule of federal expenditures
is the value of food commodities distributed by United Talmudical Academy of
Kiryas Joel, Inc. and Subsidiaries 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: Auditee elected to use the ten percent de minimis cost rate.
United Talmudical Academy of Kiryas Joel, Inc. and Subsidiaries 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: Y
Rate Explanation: Auditee elected to use the ten percent de minimis cost rate.
United Talmudical Academy of Kiryas Joel, Inc. and Subsidiaries has elected to
use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.