Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Vermont Foodbank under programs of the federal government for the year ended September 30, 2025 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 Foodbank, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foodbank.
Expenditures reported on the 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 allowed or are limited as to reimbursement.
The Foodbank has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Non-monetary assistance is reported in the Schedule at the fair value of the commodities received and distributed. Commodities received and distributed during the year ended September 30, 2025 have been valued at $1.72 per pound, which is an approximation of the average national wholesale value of one pound of donated product as derived from Feeding America. At September 30, 2025, the Foodbank had food commodities totaling $2,318,619 in inventory.
For the year ended September 30, 2025, there were no amounts passed through to subrecipients.
Expenditures incurred by the Foodbank are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, any adjustments for disallowed expenses would be immaterial.