Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Tiferes Bais Yaakov,Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance (theSchedules) include the federal and state grant activity of Tiferes Bais Yaakov, Inc. (the School) underprograms of the federal and New Jersey State government for the year ended August 31, 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Center, it is not intended to and does not present the financial position,changes in net assets, or cash flows of the School.
Title: Child Nutrition Programs:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Tiferes Bais Yaakov,Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Tiferes Bais Yaakov, Inc. was approved by the State of New Jerseys Department of Agriculture, underthe National School Lunch Act and Child Nutrition Act of 1966, to operate the Food Nutrition Programwhich includes both the School Breakfast Program and the National School Lunch Program as well as theSummer Food Service Program during the summer.
Title: Use of Estimates:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Tiferes Bais Yaakov,Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect certain reported amounts anddisclosures. Accordingly, actual results could differ from those estimates.
Title: Subsequent Events:
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Tiferes Bais Yaakov,Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Management considers events and transactions that occur after the financials statement date, butbefore the financial statements are issued, to provide additional evidence relative to certain estimatesor to identify matters that require additional disclosure. These financial statements were available to beissued on May 23, 2023 and subsequent events have been evaluated through that date.