Notes to SEFA
Title: Food Distribution
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of San Francisco Food Bank dba San Francisco-Marin Food Bank (the "Food Bank") 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 the Food Bank, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Food Bank.
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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Food Bank's indirect cost rate for a given program is calculated by applying that program's proportional direct expenses to the overall pool of indirect expenses.
Nonmonetary assistance for commodities received are reported in the Schedule based on a cost study conducted for Feeding America. At June 30, 2024, the Food Bank had food commodities totaling $3,376,360 in inventory.