Notes to SEFA
Title: Note 4. Monetization
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Corus International, Inc. and Affiliates ("Corus) under programs of the federal government for the year ended September 30, 2022. 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 presents only a selected portion of the operations of Corus, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of Corus. Summary of Significant Accounting Practices: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Corus has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance.
Under U.S. Public Law 480, Title II Food Aid of the Agricultural Trade Development and Assistance Act of 1954, the United States Department of Agriculture (USDA) has provided agricultural commodities to Corus for the purpose of promoting food security and agricultural market development under the Food for Progress Program. During the year ended September 30, 2022,Corus had one USDA Food for Progress award active in Burkina Faso in West Africa. The commodities granted to Corus are sold as received to local agro-processing firms or other local buyers. The proceeds from the sales of donated commodities are used to finance Corus development activities in Burkina Faso. During the year ended September 30,2020, commodity was sold for approximately $870,000. At September 30, 2022, Corus had used all the commodity sales proceeds for development activities.
Title: Note 5. Reconciliation of SEFA to the Consolidated Statement of Activities
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Corus International, Inc. and Affiliates ("Corus) under programs of the federal government for the year ended September 30, 2022. 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 presents only a selected portion of the operations of Corus, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of Corus. Summary of Significant Accounting Practices: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Corus has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance.
Corus records revenue adjustments to conform to accounting principles generally accepted in the United States of America (U.S. GAAP) which are not required to be recorded within the Schedule. See table