Notes to SEFA
Title: Note 4: Food Commodities
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Houston Food Bank and Subsidiaries (the Food Bank) under programs of the federal government for the year ended June 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 Food Bank, it is not intended to and does not present the financial position, changes in net assets or cash flows of Food Bank.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Food Commodities are expended when distributed to agencies. Distributed food is reported in the schedule of expenditures of federal awards under the Commodity Supplemental Food Program and the Emergency Food Assistance Program and is separately valued by category at the weighted-average wholesale value of one pound of donated product based on the national per pound price as provided by the most recent Feeding America Product Valuation Survey. As of June 30, 2022, $5,174,993 and $2,771,620 was included in food inventory for Emergency Food Assistance Program and Commodity Supplemental Food Program, respectively, and had not been expended.
Title: Note 5: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Houston Food Bank and Subsidiaries (the Food Bank) under programs of the federal government for the year ended June 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 Food Bank, it is not intended to and does not present the financial position, changes in net assets or cash flows of Food Bank.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The Food Bank did not have any federal loan programs during the year ended June 30, 2022.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Houston Food Bank and Subsidiaries (the Food Bank) under programs of the federal government for the year ended June 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 Food Bank, it is not intended to and does not present the financial position, changes in net assets or cash flows of Food Bank.
De Minimis Rate Used: N
Rate Explanation: The Food Bank has elected not to use the 10 percent de minimis indirect cost rate allowed under the 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.