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: United Talmudical Academy Of Lakewood Inc. has not elected 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 United Talmudical Academy Of Lakewood Inc. under programs of the federal government for the year ended December 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 Lakewood Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of United Talmudical Academy Of Lakewood Inc.
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: United Talmudical Academy Of Lakewood Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
United Talmudical Academy Of Lakewood Inc. did not provide any federal awards to subrecipients
Title: CHILD NUTRITION PROGRAMS
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: United Talmudical Academy Of Lakewood Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
United Talmudical Academy Of Lakewood 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 both the School Breakfast Program and the National School Lunch
Program.
Title: USE OF ESTIMATES
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: United Talmudical Academy Of Lakewood Inc. has not elected to use the 10-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.