Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awardactivity of Congregation Bnos Yaakov, Inc. under programs of the federal government for the yearended July 31, 2022. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Congregation Bnos Yaakov, Inc, it is not intended to and does not present the financialposition, change in net assets, or cash flows of Congregation Bnos Yaakov, Inc.NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.The Organization was awarded $2,353,889 of federal funds, administered by the State ofNew Jersey, for the year ended July 31, 2022. These funds represent awards from the SchoolNutrition Program and the Summer Food Program. A segment of these awards, was not fullyearned and therefore not included in grant income in the financials of the organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 2000000.
Title: PROGRAM PARTICIPATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awardactivity of Congregation Bnos Yaakov, Inc. under programs of the federal government for the yearended July 31, 2022. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Congregation Bnos Yaakov, Inc, it is not intended to and does not present the financialposition, change in net assets, or cash flows of Congregation Bnos Yaakov, Inc.NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.The Organization was awarded $2,353,889 of federal funds, administered by the State ofNew Jersey, for the year ended July 31, 2022. These funds represent awards from the SchoolNutrition Program and the Summer Food Program. A segment of these awards, was not fullyearned and therefore not included in grant income in the financials of the organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization participates in the School Breakfast and National School Lunch and wasassigned Agreement Number 03009658. They also are a sponsor for the Summer Food ServicePrograms and was assigned Agreement Number 29200109.