Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Food commodities on hand at June 30, 2024 had a value of $1,898,966. The value of the commodities received (support) and distributed (expense) is based on values as published by the granting agency. Such commodities are valued in the financial statements at a value provided by Feeding America.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal grant activity of The Food Bank of Northeast Georgia, Inc., under programs for the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of the Food Bank, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Food Bank.
Title: Payments to Subrecipients
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Food commodities on hand at June 30, 2024 had a value of $1,898,966. The value of the commodities received (support) and distributed (expense) is based on values as published by the granting agency. Such commodities are valued in the financial statements at a value provided by Feeding America.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the current fiscal year, the Food Bank did not pass federal funds through to subrecipients.