Notes to SEFA
Title: NOTE 1: GENERAL
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenses of federal grant activity of Yolo Food Bank is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST REIMBURSEMENTS
The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimus reimbursement rate. Yolo Food Bank has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") presents the activity of all federal financial assistance programs of Yolo Food Bank. All expenditures of federal financial assistance received are included in the schedule.
Title: NOTE 3: CLAIMS
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenses of federal grant activity of Yolo Food Bank is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST REIMBURSEMENTS
The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimus reimbursement rate. Yolo Food Bank has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Yolo Food Bank has received federal grants for specific purposes that are subject to review and audit by the Federal Government. Although such audits could result in expenditure disallowances under grant terms, any required reimbursements are not expected to be material.