Notes to SEFA
Title: NOTE 1. 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. Passthrough
entity identifying numbers are presented where available.
Noncash assistance in the form of food commodities is reported as expenditures in the period
distributed. The value of these items is determined using the fair value assigned by the U.S.
Department of Agriculture at the time of receipt.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis cost rate to recover indirect costs, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes all federal
award activity for Community Food Bank of Central Alabama (the "Organization") under programs
of the federal government for the year ended December 31, 2024. The information in the 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the
operations of the Organization, it is not intended to and does not present the financial position,
changes in net assets, functional expenses or cash flows of the Organization.
Title: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Passthrough
entity identifying numbers are presented where available.
Noncash assistance in the form of food commodities is reported as expenditures in the period
distributed. The value of these items is determined using the fair value assigned by the U.S.
Department of Agriculture at the time of receipt.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis cost rate to recover indirect costs, as allowed under the Uniform Guidance.
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. Passthrough
entity identifying numbers are presented where available.
Noncash assistance in the form of food commodities is reported as expenditures in the period
distributed. The value of these items is determined using the fair value assigned by the U.S.
Department of Agriculture at the time of receipt.
Title: NOTE 3. INDIRECT COST RATE
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. Passthrough
entity identifying numbers are presented where available.
Noncash assistance in the form of food commodities is reported as expenditures in the period
distributed. The value of these items is determined using the fair value assigned by the U.S.
Department of Agriculture at the time of receipt.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis cost rate to recover indirect costs, as allowed under the Uniform Guidance.
The Organization has elected not to use the 10 percent de minimis indirect cost rate to recover
indirect costs, as allowed under the Uniform Guidance.