Notes to SEFA
Title: FOOD COMMODITIES
Accounting Policies: Basis of Presentation
The accompanying schedules of expenditures of federal and state awards include the federal and state grant activity of Fulfill and are presented on the accrual basis of accounting. The information in these schedules 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, and New Jersey’s OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the accompanying schedules present only a selected portion of the operations of Fulfill, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fulfill.
De Minimis Rate Used: Y
Rate Explanation: Fulfill has elected to use the 10% de minimis indirect cots rate allowed under the Uniform Guidance.
Contributed food items are valued using a weighted average price per pound determined by studies commissioned by Feeding America, the nation’s largest nongovernmental food distribution program. For the year ended June 30, 2024, the weighted average value per pound for this contributed food was $1.74.