Audit 364706

Title: NOTE 1 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: Congregation Bobover Yeshiva of Monsey has 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 Congregation Bobover Yeshiva of Monsey under programs of the federal government for the year ended August 31, 2023. 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 Congregation Bobover Yeshiva of Monsey it is not intended to and does not present the financial position, changes in net assets or cash flows of Congregation Bobover Yeshiva of Monsey.

Title: NOTE 2 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: Congregation Bobover Yeshiva of Monsey has elected 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: NOTE 3 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: Congregation Bobover Yeshiva of Monsey has elected 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 Congregation Bobover Yeshiva of Monsey and priced as prescribed by the United States Department of Agriculture.

Title: NOTE 4 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: Congregation Bobover Yeshiva of Monsey has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Congregation Bobover Yeshiva of Monsey did not provide any federal awards to subrecipients.

Title: NOTE 5 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: Congregation Bobover Yeshiva of Monsey has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Congregation Bobover Yeshiva of Monsey has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: NOTE 6 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: Y Rate Explanation: Congregation Bobover Yeshiva of Monsey has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Congregation Bobover Yeshiva of Monsey had a Disaster Assistance Loan balance of $500,000 as of August 31, 2023.