Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related liability is incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The School District does not use the 10% de minimis indirect cost rate based on instructions by the State of Vermont. Any indirect costs charged to grants are approved by the State of Vermont and the US Department of Education.