Notes to SEFA
Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of The Food Basket Inc. (the Organization) 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 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 Food Basket Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Food Basket Inc.
Title: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
Basis of Accounting: Expenditures reported on this 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 reimbursement.
Indirect Cost Rate: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Matching Requirements: Certain Federal Programs require The Food Basket Inc. to contribute non-Federal matching funds to support the Federally-funded programs. The Organization has met the matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.
Title: Note C. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
No federal awards were passed through to subrecipients.
Title: Note D. NON CASH ASSISTANCE
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
The amount of food commodities reported on this schedule is the value of commodities received by the Organization and valued at $1.93 per pound for the year ending December 31, 2023 based on a study conducted by Feeding America.