Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Food Export Association of the Midwest U.S.A. (Food Export – Midwest) under programs of the federal government for the year ended December 31, 2025. 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). 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 allowable or are limited as to reimbursement. Management has made certain estimates and assumptions in preparing the Schedule, in accordance with generally accepted accounting principles and guidance provided in the Uniform Guidance. These estimates affect the reported amounts of expenditures related to certain federal programs, where actual information was not available at the time of preparation. Specifically, estimates were used for year-end accruals based on historical data. Actual results could differ from those estimates. Food Export – Midwest has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Food Export – Midwest, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Food Export – Midwest.
The schedule of expenditures of federal awards reconciles to the statement of activities as follows: