Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of The Food Basket Inc. (the Organization) 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). Because the Schedule presents only a selected portion of the operations of The Food Basket Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Food Basket Inc.
Basis of Accounting: Expenditures reported on this 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. Indirect Cost Rate: The Organization uses indirect cost rates approved by grantors. For all other federal programs where a negotiated rate does not apply, the Organization has elected to use the 10% de minimis indirect cost rate. Matching Requirements: Certain Federal Programs require The Food Basket Inc. to contribute non-Federal matching funds to support the Federally-funded programs. The Organization has met the matching requirements. The Schedule does not include the expenditure of non-Federal matching funds
No federal awards were passed through to subrecipients.
The amount of food commodities reported on this schedule is the value of commodities received by the Organization and valued at $1.97 per pound for the year ending December 31, 2024 based on a study conducted by Feeding America.