Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. 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: FBNYC has elected not to use the de minimis indirect cost rate as allowed under the uniform guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of FBNYC for the year ended June 30, 2024. 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of FBNYC, it is not intended to and does not present the financial position, changes in net assets or cash flows of FBNYC.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. 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: FBNYC has elected not to use the de minimis indirect cost rate as allowed under the uniform guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. 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.
Title: Temporary Emergency Food Assistance Program & Sub-Recipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. 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: FBNYC has elected not to use the de minimis indirect cost rate as allowed under the uniform guidance.
FBNYC, as an emergency feeding FBNYC, contracts with the State of New York Office of General Services (“NYS OGS”) under which it receives and distributes food commodities provided by NYS OGS to eligible needy recipients for consumption at their households or at congregate feeding sites. The contract is entered into pursuant to the provisions of the Temporary Emergency Food Assistance Act, as amended, and related laws and regulations.
For the year ended June 30, 2024, FBNYC received and distributed 61,265,072 pounds of food commodities valued at $79,264,604 under the contract which is included in he FBNYC consolidated statement of activities for the year ended June 30, 2024. The contract also provides for the reimbursement of program-related administrative costs incurred by FBNYC, which amounted to $10,078,055 for the year ended June 30, 2024.
Title: Indirect Cost Rates
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting except for amounts passed through to subrecipients which are reported on a cash basis. 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: FBNYC has elected not to use the de minimis indirect cost rate as allowed under the uniform guidance.
FBNYC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.