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 costs principles contained in 0MB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Second Harvest Community Food Bank, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Donated food from the Missouri and Kansas TEFAP was valued at rates provided by the States. Other donated food was valued above utilizing rates specifically provided by Feeding America. For the year endef June 30, 2024, contributed food was valued at $1.97 per pound on the schedule of expeditures of federal awards. See Note 2 of the accompanying financial statements for the determined value of contributed food per pound for reporting within those statementd.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Second Harvest Community Food Bank, Inc. 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 a selected portion of the operations of Second Harvest Community Food Bank, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Second Harvest Community Food Bank, 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 costs principles contained in 0MB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Second Harvest Community Food Bank, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Donated food from the Missouri and Kansas TEFAP was valued at rates provided by the States. Other donated food was valued above utilizing rates specifically provided by Feeding America. For the year endef June 30, 2024, contributed food was valued at $1.97 per pound on the schedule of expeditures of federal awards. See Note 2 of the accompanying financial statements for the determined value of contributed food per pound for reporting within those statementd.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the 0MB Circular A-122,
Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Second Harvest Community Food Bank, Inc. has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.