Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the OMB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. As of the year ended December 31, 2023 the Organization has elected to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Donated food was valued above utilizing rates specifically provided by Feeding America. For the year ended December 31, 2023, contributed food was valued at $1.57 per pound on the schedule of expenditures of federal awards. See Note 1 of the accompanying financial statements for the determined value of contributed food per pound for reporting within those statements.
De Minimis Rate Used: Y
Rate Explanation: As of the year ended December 31, 2023 the Organization has elected to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The Food Bank for Central and Northeast Missouri (the “Organization”) under programs of the federal government for the year ended December 31, 2023. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the 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: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the OMB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. As of the year ended December 31, 2023 the Organization has elected to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Donated food was valued above utilizing rates specifically provided by Feeding America. For the year ended December 31, 2023, contributed food was valued at $1.57 per pound on the schedule of expenditures of federal awards. See Note 1 of the accompanying financial statements for the determined value of contributed food per pound for reporting within those statements.
De Minimis Rate Used: Y
Rate Explanation: As of the year ended December 31, 2023 the Organization has elected to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the OMB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the UniformGuidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. As of the year ended December 31, 2023 the Organization has elected to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Donated food was valued above utilizing rates specifically provided by Feeding America. For the year ended December 31, 2023, contributed food was valued at $1.57 per pound on the schedule of expenditures of federal awards. See Note 1 of the accompanying financial statements for the determined value of contributed food per pound for reporting within those statements.