Notes to SEFA
Title: NOTE 2 - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS RECONCILIATION
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION 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, 2022. 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. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards reconciles to the statement of activities as follows: ( See Table in financial statements)