MID-South Food Bank

“The food bank's cfo receives a draft copy of the form 990 to review before the tax return is finalized and filed.”

“Annually, each member of the board of directors signs and dates a conflict of interest agreement, which requires the director to disclose any relationships that could result in a conflict of interest. Board directors are required to comply with the agreement in order to retain their position on the board.”

“The chairman of the board, in consultation with the other board officers, makes decisions regarding the salary of the ceo.”

“The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request. In addition, the organization provides a copy of the annual report on its website.”

“The mid-south food bank is a nonprofit corporation serving west tennessee, east arkansas and north mississippi. The food bank is a member of feeding america, a national food bank network. The food bank operates as a clearinghouse to receive, store and distribute food and non-grocery items. Donors include food manufacturers, wholesalers, brokers, retailers, other food service establishments, local companies, and individuals. The food bank distributes food to nonprofit agencies that serve the ill, needy, children and infants.”

“Fuel/oil: program service expenses 372,980. Management and general expenses 0. Fundraising expenses 0. Total expenses 372,980. Vehicle maintenance: program service expenses 289,647. Management and general expenses 0. Fundraising expenses 0. Total expenses 289,647. Equipment rental: program service expenses 201,675. Management and general expenses 0. Fundraising expenses 0. Total expenses 201,675. Personnel expenses: program service expenses 54,837. Management and general expenses 83,205. Fundraising expenses 0. Total expenses 138,042. Building rental: program service expenses 132,670. Management and general expenses 0. Fundraising expenses 0. Total expenses 132,670. Freight: program service expenses 90,514. Management and general expenses 0. Fundraising expenses 0. Total expenses 90,514. Miscellaneous: program service expenses 59,516. Management and general expenses 25,768. Fundraising expenses 0. Total expenses 85,284. Security: program service expenses 17,297. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,297. Taxes & licenses: program service expenses 5,624. Management and general expenses 1,648. Fundraising expenses 0. Total expenses 7,272.”

“The executive committee of the food bank's board of directors is responsible for selecting the auditor and overseeing the audit process. They are also responsible for reviewing the audited financial statements and the federal form 990 before final submission. This process has not changed since the prior year.”

“The swings in total revenues and total expenses are typically driven by donated food inventories. When food is donated it is booked as revenue, and when food is distributed it is booked as expense. There will typically be timing differences between food coming in and food going out. The value for donated food booked at 6/30/24 was approximately $1.77 per pound.”

“On july 10, 2018, feeding the need (the "corporation") was formed for the purpose of constructing and owning a new facility for the food bank's operations. The corporation is a wholly owned subsidiary of the food bank and is a qualified 501(c)(3) organization. For financial reporting purposes, the consolidated financial statements include the accounts of the food bank and the corporation. For tax reporting purposes, the corporation files a separate form 990. The revenue and expenses reported on the food bank's form 990 include its standalone revenue and expenses.”