Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance where 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. Food commodities are recognized as an expenditure when distributed. Distributed food and ending inventory/deferred revenue for food commodities are valued at the weighted average value per pound based on the national per pound price as provided by the most recent Feeding America Product Valuation Survey.
De Minimis Rate Used: N
Rate Explanation: Food Bank of Eastern Michigan 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 of Eastern Michigan under programs of the federal government for the year ended September 30, 2023. 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 Food Bank of Eastern Michigan, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Food Bank of Eastern Michigan.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance where 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. Food commodities are recognized as an expenditure when distributed. Distributed food and ending inventory/deferred revenue for food commodities are valued at the weighted average value per pound based on the national per pound price as provided by the most recent Feeding America Product Valuation Survey.
De Minimis Rate Used: N
Rate Explanation: Food Bank of Eastern Michigan has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See Notes to the SEFA for chart/table.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance where 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. Food commodities are recognized as an expenditure when distributed. Distributed food and ending inventory/deferred revenue for food commodities are valued at the weighted average value per pound based on the national per pound price as provided by the most recent Feeding America Product Valuation Survey.
De Minimis Rate Used: N
Rate Explanation: Food Bank of Eastern Michigan has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.