Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenses include allowable expenses funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance, and include both costs that are capitalized and costs that are recognized as expenses in the Center’s financial statements in conformity with generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimus cost rate for indirect costs and does not charge indirect costs to its federal grants and does not have any subrecipients.
The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenses include allowable expenses funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance, and include both costs that are capitalized and costs that are recognized as expenses in the Center’s financial statements in conformity with generally accepted accounting principles. The Center has not elected to use the 10% de minimus cost rate for indirect costs and does not charge indirect costs to its federal grants and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
Title: FOOD COMMODITIES
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenses include allowable expenses funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance, and include both costs that are capitalized and costs that are recognized as expenses in the Center’s financial statements in conformity with generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimus cost rate for indirect costs and does not charge indirect costs to its federal grants and does not have any subrecipients.
Food commodities are expended when distributed. Distributed food is reported in the schedule of expenditures of federal awards as federal expenditures and is valued at the weighted-average wholesale value of one pound of donated product based on the regional per pound price as provided by the most recent Feeding America product valuation ($1.97 in 2024). At December 31, 2024, $48,991 was included in inventory and had not been expended.