Audit 335303

Title: Food Donation Accounting Policies: The schedule includes expenditures of federal programs received directly from federal agencies, as well as federal assistance passed through other organizations. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The River Fund New York, Inc. (the Organization) under programs of the federal government for the year ended March 31, 2024 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Amounts included in the Schedule are actual expenditures for the year ended March 31, 2024. Differences between amounts included in the Schedule and amounts reported to funding agencies for these programs result from report timing. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Non-monetary assistance is reported on the Schedule at the value set by the Food Bank of New York City, Inc. Items are received and disbursed under the Emergency Food Assistance Program (Food Commodities), Assistance Listing Number No. 10.569. This value has been derived based on an analysis of the value of the types of goods being donated, the time left to their intrinsic value prior to expiration and shelf-life availability, days in transit and respective weather conditions that may affect the goods and other criteria that would reasonably affect the value of the goods being donated. Additionally, the value includes a review of the values placed by other similar entities and the government entities donating the goods, as applicable.