Notes to SEFA
Title: NOTE 3: Food Inventory
Accounting Policies: NOTE 1: BASIS OF PRESENTATIONThe schedule of expenditures of federal awards (the schedule) includes the federal award activity of West Texas Food Bank (the Food Bank) under programs of the federal government for the year ended September 30, 2022. 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). This schedule presents only a selected portion of the operations of the Food Bank and is not intended to and does not present the entire financial position, changes in net assets, or cash flows of the Food Bank or the consolidated financial statements. . NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. References to government food commodities and financial assistance of federal awards apply to theprograms listed in the accompanying schedule of federal awards. The Food Bank elected not to use the 10 percent de minimis indirect cost rate as permitted under the Uniform Guidance. The Organization had no federal loan programs during the fiscal year ended September 30, 2022. The Food Bank provided no cash federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Government food commodities inventory on hand totaled $457,381 as of September 30, 2022.
Title: NOTE 4: Reconciliation of Federal Awards to Financial Statements
Accounting Policies: NOTE 1: BASIS OF PRESENTATIONThe schedule of expenditures of federal awards (the schedule) includes the federal award activity of West Texas Food Bank (the Food Bank) under programs of the federal government for the year ended September 30, 2022. 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). This schedule presents only a selected portion of the operations of the Food Bank and is not intended to and does not present the entire financial position, changes in net assets, or cash flows of the Food Bank or the consolidated financial statements. . NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. References to government food commodities and financial assistance of federal awards apply to theprograms listed in the accompanying schedule of federal awards. The Food Bank elected not to use the 10 percent de minimis indirect cost rate as permitted under the Uniform Guidance. The Organization had no federal loan programs during the fiscal year ended September 30, 2022. The Food Bank provided no cash federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following schedule reconciles and disaggregates financial information between amounts on the financial statements and federal financial and nonfinancial (food commodities):Federal financial support in SEFA $2,982,416Local government financial support 9,069Government grants per statement of activities $2,991,485Federal food commodities $3,890,889Donated food commodities from public and private sources 11,004,407Donated food & commodities per statement of activities $14,895,296Federal food commodities expended per SEFA agrees to food distribution in statement of functional expenses $ 3,761,867