Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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 limted as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potatoes USA has elected not to use the 10% de minimus cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of National Potato Promotion Board d/b/a Potatoes USA under programs of the federal government for the year ended June 30, 2024. The information in this 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 Potatoes USA, it is not intended to and does not present the net position, changes in net position, or cash flows of Potatoes USA.
Title: GBI Project
Accounting Policies: Expenditures reported in 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 limted as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potatoes USA has elected not to use the 10% de minimus cost rate allowed under the Uniform Guidance.
Potatoes USA volunteered to be the lead cooperator for the Global broad-based initiative “Transparency, Stocktaking, and Assessment of Front of Package Nutrition Labeling (FOPNL) Schemes”. Potatoes USA will act as the pass-through entity and, as such, was awarded $800,000 to facilitate this initiative, of which $200,000 and $500,000 was expended in the years ending June 30, 2024 and 2023, respectively. The GBI is developing a website that tracks, simplifies, and translates a myriad of global front-of-pack nutrition and eco-labeling regulations into usable and actionable information. The website will be available to all cooperators on a subscription basis. Potatoes USA is managing this initiative on behalf of the following cooperators and USDA: U.S. Dairy Export Council (USDEC), National Confectioners Association, Almond Board of California, American Peanut Council, California Walnut Commission, Food Export – Midwest, Food Export – Northeast & Potatoes USA.