Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. The Association has not
charged the 10-percent de minimis, or any other indirect cost rate under the USDA agreements,
but is obligated to incur at least a 10% match.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
Federal award activity of the Association under programs of the Federal Government for the year
ended March 31, 2024. 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 Association, it is
not intended to and does not present the financial position, changes in net assets or cash flows of
the Association.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. The Association has not
charged the 10-percent de minimis, or any other indirect cost rate under the USDA agreements,
but is obligated to incur at least a 10% match.
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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. The Association has not
charged the 10-percent de minimis, or any other indirect cost rate under the USDA agreements,
but is obligated to incur at least a 10% match.
Title: Note 3. Reconciliation of Federal Revenue
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. The Association has not
charged the 10-percent de minimis, or any other indirect cost rate under the USDA agreements,
but is obligated to incur at least a 10% match.
Total Federal revenue is broken out as follows at March 31, 2024:
Sweets & Snacks EXPO $ 14,494,009
Market Access Program 914,506
Non-Federal Income (13,409,914)
TOTAL FEDERAL REVENUE $ 1,998,601