Notes to SEFA
The Schedule of Expenditures of Federal Awards was prepared on the accrual basis of accounting.
The Food Bank did not elect the 10% deminimus indirect cost rate.
Non-cash assistance recorded in the Schedule consists of food commodities donated by the USDA (The Emergency Food Assistance Program, or TEFAP and Commodity Supplemental Food Program (CSFP), ALN 10.569) and passed through the New Mexico Healthcare Authority to Food Bank. Food Bank's accounting policy for donated inventories is more fully described in Note 2 to the consolidated financial statements and follows accounting principles generally accepted in the United States of America. Some of the food commodities reported in the Schedule are further passed through from Food Bank to subrecipients, emergency food pantries. Federal food commodities inventory at June 30, 2024 is reported in the financial statements at $392,475 using an actual dollar value from the purchase of the food.
The following is a reconciliation of the expenditures reported in the Schedule to the federal and state grants revenue and federal donated food commodities revenue reported in the consolidated financial statements: Donated food commodities - TEFAP $970,387, Donated food commodities - CSFP 168,265, Other federal grant expenditures 240,299, Total expenditures of federal awards 1,378,951, Increase in donated food commodities inventory (304,951), Total federal grant expenditures $1,074,000.