Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of The Food Depot (TFD) under programs of the federal government for the year ended June 30, 2025. Because the Schedule presents only a selected portion of the operations of TFD, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TFD.
Non-cash assistance recorded in the Schedule consists of food commodities donated by the USDA (The Emergency Food Assistance Program, or TEFAP, ALN 10.569) and passed through the New Mexico Human Services Department to TFD. The donated food commodities are valued at the estimated fair value of $1.90 per pound (as valued by Feeding America). TFD's accounting policy for donated inventories is more fully described in Note 2 to the financial statements and follows accounting principles generally accepted in the United States of America. Food commodities reported in the Schedule are further passed through from TFD to subrecipients (emergency food pantries, group homes, low-income day care centers, shelters, and soup kitchens). Donated food commodities inventory at June 30, 2025 is reported in the financial statements (Note 6) at $327,720 using an estimated fair value of $1.90 per pound.
The following is a reconciliation of the expenditures reported in the Schedule to the federal and state grants revenue and federal donated food commodities reported in the financial statements: Donated food commodities - TEFAP $ 4,395,217 Other federal grant expenditures 359,159 Total expenditures of federal awards 4,754,376 Other nonfederal grant expenditures 904,792 Other adjustments for donated food commodities 1,351 Decrease in donated food commodities inventory (853,047) Total federal and state grant revenues and federal donated food commodities reported in the financial statements $ 4,807,472