Audit 350659

Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Food Bank of the Rio Grande Valley, Inc. and Subsidiaries (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), Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The Food Bank’s reporting entity and significant accounting policies are defined in Notes 1 and 2, respectively, of the Notes to the Consolidated Financial Statements. NOTE 2 - RECONCILIATION OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS The Food Bank, as a recipient agency in CSFP and TEFAP, considers all USDA donated foods distributed or used in a fiscal year as expended for purposes of the Schedule. Therefore, there are differences in amounts reported on the statement of activities as revenues and amounts reported on the Schedule as expenditures. The following table reconciles these amounts: Grant revenue per the Statement of Activities $ 30,765,095 Non-Federal Grants (2,886,184) $ 27,878,911 NOTE 3 – COMMODITIES The Food Bank received nonmonetary assistance in the form of food commodities totaling $ from Assistance Listing No. 10.565 (Food Commodities), 10.569 (Food Commodities), and 10.187 (Food Commodities) for the year ended June 30, 2024. At June 30, 2024, the Food Bank had food commodities totaling $ in inventory related to federal awards. Program AL No. Inventory Commodity Supplemental Food Program (CSFP) 10.565 $1,310,856 Emergency Food Assistance Program CCC 10.187 1,103,539 Emergency Food Assistance Program TEFAP 10.569 1,178,717 $3,593,112 De Minimis Rate Used: N Rate Explanation: The Food Bank did not elect to use the de minimis cost rate of 10% as described at 2 CFR §200.414(f)—Indirect (F&A) costs.