Notes to SEFA
Title: Noncash Assistance
Accounting Policies: The significant accounting policies used in preparing the Schedule of Expenditures of Federal Awards (the Schedule) are described in Note 2 to the accompanying financial statements. Revenue from Federal Awards detailed above is included in Donated product, Shared maintenance fees, and Grants in the Statements of Activities. The Organization has elected not to use the 10percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Noncash assistance recorded in the Schedule consists of food commodities donated by the USDA (Commodity Supplemental Food Program, or CFSP, ALN #10.565 and The Emergency Food Assistance Program, or TEFAP, ALN #10.569) and passed through the Arkansas Department of Education to the Organization. The donated food commodities are valued at the estimated fair value of $0.97 (CFSP) and $1.34 (TEFAP) per pound (as valued by Feeding America). The Organization's accounting policy for donated inventories is more fully described in Note 2 of the financial statements and follows accounting principles generally accepted in the United States of America.