Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Galveston County Food Bank (the “Organization”) under 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 the Uniform Guidance. Because the Schedule presents only a selected portion of 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.
Title: Summary of Significant Accounting Policies
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
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 reimbursement. The Organization has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying numbers are presented where available
Title: Assistance Provided to Subrecipients
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
Non-monetary assistance is reported in the Schedule at the fair value of commodities. Federal expenditures presented in the Schedule of $3,645,650 were provided as nonmonetary federal awards to subrecipients.
Title: Inventory
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
Government commodities stated at fair value are included as part of inventory balances on the accompanying statement of financial position, and at December 31, 2023 totaled $128,023
Title: Federal Insurance and Loan Programs
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
The Organization had no federal insurance programs in effect and no loan or loan guarantee programs outstanding during the year ended December 31, 2023.
Title: Relationship to Basic Financial Statements
Accounting Policies: 1. Basis of Presentation 2. Summary of Significant Accounting Policies 3. Assistance Provided to Subrecipients 4.Inventory 5. Federal Insurance and Loan Programs 6. Relationship to Basic Financial Statements
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis rate applied to pay for overhead cost not directly charged to federal awards.
Federal expenditures included in the accompanying schedule includes food commodities and are reported as food and product distributions in the Organization’s basic financial statements.