Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-87, Cost Principlesfor State, Local and Indian Tribal Governments, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The U.S. Department of Education (USED) has delegated to the State ofVermont Agency of Education the authority to issue indirect cost rates to allLocal Education Agencies (LEAs) based on a plan approved by the USED.Therefore, the Mount Mansfield Unified Union School District does not use the10% de minimus indirect cost rate as allowed under the Uniform Guidance.