Audit 294851

Accounting Policies: (1) GENERAL INFORMATION The accompanying schedule of expenditures of federal awards presents the activities in all the federal financial assistance programs of the Chester County Food Bank. All financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies or nonprofit organizations are included on the schedule. (2) BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. (3) RELATIONSHIP TO BASIC FINANCIAL STATEMENTS Federal awards expenditures are reported in the statements of activities and functional expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal awards. (4) INDIRECT COSTS The Chester County Food Bank has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Chester County Food Bank has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.