Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization under programs of the federal government for the year ended December 31, 2022. 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. NOTE 3 INDIRECT COST RATE The Organization has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Note 4 USDA COMMUNITY FACILITIES LOAN OUTSTANDING The Organization has a loan from the USDA that has balance of $5,167,935 at December 31, 2022. No loan proceeds were drawn in 2022 or 2021. Note 5 FOOD DISTRIBUTION Non-monetary assistance is reported in the schedule at fair market value at the time of donation of the commodities disbursed. Non-monetary assistance is reported in the Schedule of Expenditures of Federal Awards was $9,792,804 for the year ended December 31, 2022. The value per pound used to determine the fair market value is the value provided by the pass-through agency, or if a value is not provided, an estimate of $1.92 per pound based on USDA authoritative guidance based on USDA Memo (FD-104) provided to Americas Second Harvest, which determines the donated inventory food value per pound for the year. At December 31, 2022, the Organization had federally-funded food commodities totaling $6,213,527 in ending inventory. Note 6 GNAP EXPENDITURES Expenditures identified by CFDA Number 93.558 represent federal funds as a pass-through from the Atlanta Community Food Bank.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 5167935.