Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not charged to federal programs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bennington County Industrial Corporation under programs of the federal government for the year ended December 31, 2020. 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 Guigance). Because the Schedule presents only a selected portion of the operations of Bennington County Industrial Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bennington County
Industrial Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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.
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not charged to federal programs.
Expen.ditures 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.
Title: Indirect Cost Rate
Accounting Policies: 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.
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not charged to federal programs.
Bennington County Industrial ·corporation has elected not to use the 10% de minim is indirect cost rate allowed under the Uniform Guidance.
Title: Matching Costs
Accounting Policies: 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.
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not charged to federal programs.
Matching costs, the Corporation's share of certain program costs, are not included in the reported expenditures.