Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Food Bank under programs of 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Food Bank has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance but is subject instead to previous negotiated indirect cost rates.
Title: Value of Non-Cash and Cash Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2024, the Food Bank distributed 1,428,532 pounds of USDA food commodities valued at $2,181,859. Total expenditures for the year ended June 30, 2024 are as follows: Total value of noncash expenditures $2,181,859 Cash expenditures $134,461 Total federal expenditures $2,316,320