Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized in the Society’s financial statements in conformity with generally accepted accounting principles. The Society has not elected to use the 10% de minimus cost rate for indirect costs and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of the Society, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Society.
De Minimis Rate Used: N
Rate Explanation: The Auditee has not elected to use the 10% de minimus cost rate for indirect costs.
Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized in the Society’s financial statements in conformity with generally accepted accounting principles. The Society has not elected to use the 10% de minimus cost rate for indirect costs and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of the Society, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Society.
Title: NOTE 2 – FOOD COMMODITIES
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized in the Society’s financial statements in conformity with generally accepted accounting principles. The Society has not elected to use the 10% de minimus cost rate for indirect costs and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of the Society, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Society.
De Minimis Rate Used: N
Rate Explanation: The Auditee has not elected to use the 10% de minimus cost rate for indirect costs.
Food commodities are reported in the schedule of expenditures of federal awards at the weighted-average wholesale value of donated product based on the national per pound price as provided by the most recent Feeding America Product Valuation Survey ($1.97 in 2024). The award amount reflects the value of food commodities received while federal expenditures reflect the value of food distributed. At September 30, 2024, $95,793 of food commodities had been received, but had not been distributed. At September 30, 2023, $79,436 of food commodities had been received, but had not been distributed.