Notes to SEFA
The accompanying of expenditures of federal awards includes the federal grant activity of Kenai Peninsula Food Bank, Inc. under programs of the federal government for the year ended December 31, 2024. The information in this Schedules 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 Alaska, it is not intended to and does not present financial position, changes in net position, functional expenses, or cash flows of Kenai Peninsula Food Bank, Inc.
Expenditures reported on the Schedule reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Kenai Peninsula Food Bank, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Total federal expenditures $ 1,107,925 Less non-cash assistance (1,026,966) Total non-commodities federal revenue $ 80,959 Total government grants revenue per Statement of Activities $ 237,288 Less non-federal government awards (156,329) Total federal grants $ 80,959
No federal funds were passed through to subrecipients.
Non-monetary assistance is reported in the schedule at fair market value of commodities received.