Notes to SEFA
Title: 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Donated food was valued above utilizing rates provided by Feeding America, specifically the fair market value of donated foods excluding non-food items as required by the USDA. For the year ended June 30, 2023, contributed food reported in the Schedule was valued at $1.57 per pound. See Note 1 of the accompanying financial statements for the determined per pound value of donated inventory for reporting within those statements.
De Minimis Rate Used: N
Rate Explanation: Montana Food Bank Network, Inc. did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule) includes the federal award activity of Montana Food Bank Network, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements 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 only presents a selected portion of operations of Montana Food Bank Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Montana Food Bank Network, Inc.
Title: 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Donated food was valued above utilizing rates provided by Feeding America, specifically the fair market value of donated foods excluding non-food items as required by the USDA. For the year ended June 30, 2023, contributed food reported in the Schedule was valued at $1.57 per pound. See Note 1 of the accompanying financial statements for the determined per pound value of donated inventory for reporting within those statements.
De Minimis Rate Used: N
Rate Explanation: Montana Food Bank Network, Inc. did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Montana Food Bank Network, Inc. provided awards to subrecipients totaling $43,866 for the year ended June 30, 2023. Additionally, Montana Food Bank Network, Inc. distributed food to subrecipients valued at $2,929,090 for the year ended June 30, 2023.