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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the
Food Bank of North Central Arkansas Inc., under specific programs of the federal government for the year ended
December 31, 2023. 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 Food Bank of North Central Arkansas Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Food Bank of North Central Arkansas Inc.
Title: Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the 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.
Title: Food Commodities
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Food commodities are expended when distributed. Distributed food is reported in the schedule of expenditures of
federal awards under the Trade Mitigation Food Purchase and Distribution Program, National School Lunch
Program, and Emergency Food Assistance Program and is valued at the price provided by the Arkansas Department
of Human Services
As of December 31, 2024, $515,865 was included in food inventory for the National School Lunch Program, and
had not been expended.
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: Assistance Listing Number (ALN)
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Food Bank of North Central Arkansas has elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The program title and ALN number was obtained from the federal or pass-through grantor or the sam.gov website.