Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activityof Loaves & Fishes, Inc. (organization) under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with therequirements to Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance).The Schedule presents only a selected portion of the operation of the organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the organization. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is the same basis as was used to prepare the financial statements. 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.
The organization did not provide any federal awards to sub-recipients during the fiscal year.
The organization receives USDA Commodities for use in sponsoring the Emergency Food Assistance Program. Per USDA guidance (FPI-18-2), donated USDA Commodities should be grouped with the Emergency Food Assistance Program and used the same CFDA number as theEmergency Food Assistance Program, which is CFDA Number 10.569. The value of commodities received for the year ended December 31, 2024 was $1,073,405. Commodities are recorded as revenues and expenditures in the financial statements.
The organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total federal awards expended per schedule of expenditures of federal awards $1,478,884 Less: cash payments for administrative ($405,479) Total expenditures removed from inventory ($197,977) Non-cash food distributions, page 6 $875,428.