Audit 24559

Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grantactivity of Vermont Land Trust, Inc. under the programs of the federal government for the year ended June30, 2022. The information in this schedule is presented in accordance with the requirements of the Office ofManagement and Budget (OMB) Uniform Guidance. Because the Schedule presents only a selected portionof the operations of Vermont Land Trust, Inc., it is not intended to and does not present the financialposition, results of operations or cash flows of Vermont Land Trust, Inc.Note 2. Basis of AccountingExpenditures reported on the Schedule are presented on the same basis of accounting as Vermont LandTrust, Inc.s financial statements. Vermont Land Trust, Inc. uses the accrual basis of accounting.Expenditures represent only the federally funded portions of the program. Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of, the basicfinancial statements.Note 3. Program Costs/Matching ContributionsThe amounts shown as current year expenditures represent only the federal grant portion of the programcosts. Entire program costs are more than shown. Such expenditures are recognized following, asapplicable, either the cost principles in the OMB Circular A-122, Cost Principles for Non-Profit Organizations,or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Note 4. Major ProgramsIn accordance with the OMB Uniform Guidance, major programs are determined using a risk-basedapproach. The program in the accompanying Schedule of findings De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.