Notes to SEFA
Title: Reporting Entity
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 and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Montpelier, Vermont has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule includes all federal awards programs of City of Montpelier, Vermont for the fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements.
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 and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Montpelier, Vermont has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with Uniform Guidance.