Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include all federal and state awards activity of Cong Bnos Devorah, Inc. (the School) under programs of the federal government for the year ended June 30, 2025. The information in the schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedules present only a selected portion of the operations of the School, they are not intended to and do not present the financial position, changes in net assets or cash flows of the School.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Cong Bnos Devorah, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Cong Bnos Devorah, 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 Child Nutrition Programs which include the School Breakfast Program and the National School Lunch Program. The programs enable the School to offer free or reduced-priced meals to eligible students.
The preparation of financial statements in conformity with the accrual basis of accounting 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 financial 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 issued on March 19, 2026 and subsequent events have been evaluated through that date.