Audit 330123

Title: FOOD DISTRIBUTION ACTIVITIES Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Connecticut Foodshare, Inc., under programs of the federal government for the year ended June 30, 2024. The information in the 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 Connecticut Foodshare, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Connecticut Foodshare, Inc. Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned. De Minimis Rate Used: N Rate Explanation: Connecticut Foodshare, Inc., has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Connecticut Foodshare, Inc. is the agent for the state of Connecticut for donated food distribution activities. The commodities are valued based on a study commissioned by Feeding America, a national food bank network, of the average wholesale fair value of products donated to the network.