Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of Food Export Association of the Midwest U.S.A. (Food Export – Midwest) under programs of the
federal government for the year ended December 31, 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). Expenditures reported on 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.
Management has made certain estimates and assumptions in preparing the Schedule, in accordance with
generally accepted accounting principles and guidance provided in the Uniform Guidance. These estimates
affect the reported amounts of expenditures related to certain federal programs, where actual information
was not available at the time of preparation. Specifically, estimates were used for year-end accruals based
on historical data. Actual results could differ from those estimates.
Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Food
Export – Midwest, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of Food Export – Midwest.
De Minimis Rate Used: N
Rate Explanation: Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of Food Export Association of the Midwest U.S.A. (Food Export – Midwest) under programs of the
federal government for the year ended December 31, 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). Expenditures reported on 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.
Management has made certain estimates and assumptions in preparing the Schedule, in accordance with
generally accepted accounting principles and guidance provided in the Uniform Guidance. These estimates
affect the reported amounts of expenditures related to certain federal programs, where actual information
was not available at the time of preparation. Specifically, estimates were used for year-end accruals based
on historical data. Actual results could differ from those estimates.
Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Food
Export – Midwest, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of Food Export – Midwest.
Title: NOTE 2 – SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS RECONCILIATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of Food Export Association of the Midwest U.S.A. (Food Export – Midwest) under programs of the
federal government for the year ended December 31, 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). Expenditures reported on 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.
Management has made certain estimates and assumptions in preparing the Schedule, in accordance with
generally accepted accounting principles and guidance provided in the Uniform Guidance. These estimates
affect the reported amounts of expenditures related to certain federal programs, where actual information
was not available at the time of preparation. Specifically, estimates were used for year-end accruals based
on historical data. Actual results could differ from those estimates.
Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Food
Export – Midwest, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of Food Export – Midwest.
De Minimis Rate Used: N
Rate Explanation: Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The schedule of expenditures of federal awards reconciles to the statement of activities as follows:
2024 MAP 2023 MAP RAPP ATP
Award Award Award Award Total
Federal Program Reimbursements $ 5,088,936 $ 5,780,865 $ 451,960 $ 2,933,263 $ 14,255,024
U.S. Foreign Agriculture Services
Administrative Fees 9 50,000 - 350,000 600,000 1,900,000
Total Program Revenue $ 6,038,936 $ 5,780,865 $ 801,960 $ 3,533,263 $ 16,155,024
Total Schedule of Expenditures
of Federal Awards $ 6,038,936 $ 5,780,865 $ 801,960 $ 3,533,263 $ 16,155,024