Food recovery is the process of collecting surplus food that is still safe to eat from grocery stores, restaurants, farmer’s markets and food manufacturers. An example of recoverable food would be produce that is imperfect in appearance but that is perfectly edible. Food redistribution is the process of taking this food and distributing it to local communities through food banks, pantries and other hunger relief organizations.
Once this recovered food makes its way to the hunger relief organization, it is up to that organization to implement best practices in food handling, storage and inventory management to maximize the amount of food that reaches those food insecure individuals in need. A food pantry or bank will need to consider the following:
- Inventory management – have processes and procedures in place to track what recovered foods are coming in, including the amount and value, expiration dates and storage locations.
- Donation tracking compliance – maintain detailed and accurate financial records to meet donor and IRS tax reporting requirements.
- Budget management – effectively budget to ensure accurate and appropriate allocations of food recovery logistics (things like transportation, storage and distribution), staff and other operational costs.
- Financial analysis – perform critical analysis monitoring the costs to recover the food and distribute it to ensure cost-effectiveness of the recovery and redistribution program.
- Financial forecasting – analyze donation trends and operational costs to ensure your organization is prepared to scale its efforts as demand grows.
The seasoned accounting professionals in YPTC’s Food Insecurity Specialization are here to help you with all these aspects of your food recovery and redistribution efforts and more, ultimately allowing you to serve your community more efficiently. Contact us at hello@yptc.com to learn more.
