Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in 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 are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Community Action Services and Food Bank (“CASFB” or the “Organization”) 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 CASFB, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CASFB.
Title: Non-cash assistance
Accounting Policies: Expenditures reported in 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 are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at the fair market value of commodities received and disbursed. Federal awards in the form of commodities consist of food that is valued at a rate set by the board based on a nationally established price, which was an average of $1.87 per pound for the year ended June 30, 2024. This price is used by the Organization in valuing all of its food donations received. During the year ended June 30, 2024, CASFB received food commodities from federal sources totaling $760,702.