Audit 359937

Title: Basis of presentation, policy summary and non-cash transactions and valuation of food commodities Accounting Policies: Accrual basis De Minimis Rate Used: N Rate Explanation: Auditee did not elect to use to 10% diminimus indirect cost rate The accompanyuing Schedule of Federal Awards includes the federal grant activity of the Food Bank of North Alabama, inc. under programs of the federal government for the year ended September 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becaue the Schedule presents only a selected portion of the operations of Food Bank, it is not intended to and does not present financial position, changes in net assets, or cash flows of Food Bank. Expenditiures reported on the Schedule are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principl contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Food Bank has elected to forego the 10% diminimis indirect cost rate,as allowed under the Uniform Guidance. The food distribution programs, CFDA 10.565 and10.569 are non-cash programs. The expendituresamount represnts the value of food commodities disbursed by Food Bank in its food distribution program. These amounts are recorded in the basi financial statements. The US Departament of Agriculture determines the value of food commodities in the food distribution program.