Notes to SEFA
Title: NOTE 1
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.
De Minimis Rate Used: N
Rate Explanation: BROC - Community Action in Southwestern Vermont has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule)
includes the federal award activity of BROC - Community Action in Southwestern
Vermont under programs of the federal government for the year ended
September 30, 2023. 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 Guidance). Because the Schedule
presents only a selected portion of the operations of BROC - Community Action
in Southwestern Vermont, it is not intended to and does not present the financial
position, change in net assets, or cash flows of BROC - Community Action in
Southwestern Vermont.
Title: NOTE2
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.
De Minimis Rate Used: N
Rate Explanation: BROC - Community Action in Southwestern Vermont has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: NOTE3
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.
De Minimis Rate Used: N
Rate Explanation: BROC - Community Action in Southwestern Vermont has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
BROC - Community Action in Southwestern Vermont has elected not to use the
ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE4
FOOD DONATION
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.
De Minimis Rate Used: N
Rate Explanation: BROC - Community Action in Southwestern Vermont has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the Schedule at the fair value of the
commodities received and disbursed.