Notes to SEFA
Title: Food Commodities
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared in accordance with the requirements of Title 2, U.S. Cost of Federal Regulations , Part 200, Uniform Administrative Requirements, Cost Principles, and Audit and Administrative Requirements for Federal Awards (the "Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of The Food Bank of Northeast Arkansas (the "Organization") for the year ended June 30, 2024, which
have been financed by the U. S. Government ("Federal Awards") they are not intended to and do not present the financial position, changes in net assets or cash flows of the Organization.
For the purposes of the Schedule, Federal awards include all Federal assistance entered into directly between the Organization and the federal government and also between the Organization and other primary recipients of Federal government funds (passthrough), recorded on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Food Bank does not use any de minimis rates.
Food commodities are expended when distributed to agencies. Distributed food is valued at the amounts provided by the U.S. Department of Argriculture.
Title: Adimistrative Costs
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared in accordance with the requirements of Title 2, U.S. Cost of Federal Regulations , Part 200, Uniform Administrative Requirements, Cost Principles, and Audit and Administrative Requirements for Federal Awards (the "Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of The Food Bank of Northeast Arkansas (the "Organization") for the year ended June 30, 2024, which
have been financed by the U. S. Government ("Federal Awards") they are not intended to and do not present the financial position, changes in net assets or cash flows of the Organization.
For the purposes of the Schedule, Federal awards include all Federal assistance entered into directly between the Organization and the federal government and also between the Organization and other primary recipients of Federal government funds (passthrough), recorded on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Food Bank does not use any de minimis rates.
The Organization elects not to use the 10% de minimus rate allowed under Uniform Guidance.
Title: Federal Loan Programs
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared in accordance with the requirements of Title 2, U.S. Cost of Federal Regulations , Part 200, Uniform Administrative Requirements, Cost Principles, and Audit and Administrative Requirements for Federal Awards (the "Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of The Food Bank of Northeast Arkansas (the "Organization") for the year ended June 30, 2024, which
have been financed by the U. S. Government ("Federal Awards") they are not intended to and do not present the financial position, changes in net assets or cash flows of the Organization.
For the purposes of the Schedule, Federal awards include all Federal assistance entered into directly between the Organization and the federal government and also between the Organization and other primary recipients of Federal government funds (passthrough), recorded on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Food Bank does not use any de minimis rates.
The organization did not have any federal loan programs during the year ended June 30, 2024.