Title: Basis of presentation
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lamar County Food Pantry, Inc. under programs of the federal government for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Lamar County Food Pantry, Inc., it is not intended to and does not present the financial position, changes in net assets of the Lamar County Food Pantry, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The expenditures that are reported is on the Schedule are non-cash and is the value of the food received from the pass-through entity, North Texas Food Bank. The value was calculated by the pass-through entity and the identifying numbers are presented.
Title: Indirect Cost Rate
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The Lamar County Food Pantry, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
Title: Program Costs/ Matching Contributions
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The amounts shown are the cost of the food that was provided by North Texas Food Bank to pass on to the citizens of Lamar County. There was no matching principal required. All food was obtained and then distributed to the low-income population of Lamar County.
Title: Noncash Awards
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
During the year, federal awards from each federal program were all non-cash awards and were received in the form of food supplies.
Title: Reconciliation of Federal Awards
Accounting Policies: Non Cash food received
De Minimis Rate Used: N
Rate Explanation: Lamar County Food Pantry, Inc. Has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The Organization’s financial statement is a statement of cash receipts and disbursements. Given that all federal awards were food items, all of which were non-cash, there is no federal revenue reported in the statement.
The following reconciles federal expenditures per the Schedule of Expenditures of Federal Awards (SEFA) to the federal revenue reported on the financial:
Federal Expenditures Per SEFA $ 1,095,840
Non-Cash Federal Revenue (1,095,840)
Federal Revenue Per Financial $ --