Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedules) includes the federal and state grant activity of Tiferes Bais Yaakov, Inc. (the School) under programs of the federal government for the year ended August 31, 2025. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedules presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.
Tiferes Bais Yaakov, 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.
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.
Management considers events and transactions that occur after the financials statement date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. These financial statements were available to be issued on December 11, 2025 and subsequent events have been evaluated through that date.