Notes to SEFA
Title: Note 2 - Significant Accounting Policies
Accounting Policies: The above Schedule of Expenditures of Federal Awards (Schedule) includes the federal awards activity of the Special Works Division, Boulevard Place Food Pantry, Annunciation Parish Food Pantry and Brown County Food Pantry (the Divisions) which are components of Society of St. Vincent de Paul Archdiocesan Council of Indianapolis, Inc. for the year ended September 30, 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). Because the Schedule presents only a selected portion of the operations of the Divisions, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Divisions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
"Food commodities distributed under the Emergency Food Assistance Program (which represent the entire amount of expenditures of federal awards herein) are considered expended as distributed. The Divisions' financial statements are reported under the modified cash basis of accounting and do not reflect the value of donated food as income or as expense. Therefore, the above emergency food assistance program expenditures are not included in the Divisions' Statement of Support, Revenues and Expenses. Food commodities are valued based on the Product Valuation Survey Methodology prepared by Feeding America and subjected to agreed upon procedures performed by an independent CPA firm as of December 31, 2021.The Divisions have elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. No awards were passed through to subrecipients."
Title: Note 3 - Reconciliation to Financial Statements
Accounting Policies: The above Schedule of Expenditures of Federal Awards (Schedule) includes the federal awards activity of the Special Works Division, Boulevard Place Food Pantry, Annunciation Parish Food Pantry and Brown County Food Pantry (the Divisions) which are components of Society of St. Vincent de Paul Archdiocesan Council of Indianapolis, Inc. for the year ended September 30, 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). Because the Schedule presents only a selected portion of the operations of the Divisions, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Divisions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures per this Schedule $2,953,695 Less food commodities distributed (2,953,695)Plus non-Federal contributions received 1,547,025 Total contributions without donor restrictions per the financial statements $1,547,025