Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting, except for
subrecipient expenditures, which are recorded on the cash basis. However, there may be variances
between amounts reported in the statement of activities due to audit adjustments, and when applicable, in
accordance with cost principles under Uniform Guidance, certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CAPSBC has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award
activity of CAPSBC under programs of the federal government for the year ended December 31, 2023.
The information 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 CAPSBC, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of CAPSBC.
Title: FOOD DONATION
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting, except for
subrecipient expenditures, which are recorded on the cash basis. However, there may be variances
between amounts reported in the statement of activities due to audit adjustments, and when applicable, in
accordance with cost principles under Uniform Guidance, certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CAPSBC has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance is reported on the schedule at the fair market value of the commodities received
and disbursed. At December 31, 2023, CAPSBC had food commodities totaling $3,202,437 in inventory.