Notes to SEFA
Title: Note 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "Schedule") are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Food Bank For NYC has elected not to use the 10 percent 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 Food Bank For NYC for the year ended June 30, 2023. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Food Bank For NYC, it is not intended to and does not present the financial position, changes in net assets or cash flows of Food Bank For NYC.
Title: Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "Schedule") are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Food Bank For NYC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
Title: Note 3 - TEMPORARY EMERGENCY FOOD ASSISTANCE PROGRAM AND SUB-RECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "Schedule") are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Food Bank For NYC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Food Bank For NYC, as an emergency feeding Food Bank For NYC, contracts with the State of New York Office of General Services (“NYS OGS”) under which it receives and distributes food commodities provided by NYS OGS to eligible needy recipients for consumption at their households or at congregate feeding sites. The contract is entered into pursuant to the provisions of the Temporary Emergency Food Assistance Act, as amended, and related laws and regulations.
For the year ended June 30, 2023, Food Bank For NYC received and distributed 38,613,944 pounds of food commodities valued at $43,412,066 under the contract which is included in the Food Bank For NYC consolidated statement of activities for the year ended June 30, 2023. The contract also provides for the reimbursement of program-related administrative costs incurred by Food Bank For NYC, which amounted to $9,454,833 for the year ended June 30, 2023.
Title: Note 4 - INDIRECT COST RATES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "Schedule") are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Food Bank For NYC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Food Bank For NYC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.