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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Central Vermont Supervisory Union under programs of the federal government for the year ended June 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 the Central Vermont Supervisory Union, it is not intended to and does not present the statement of revenues, expenditures, and changes in fund balance of the Central Vermont Supervisory Union
Title: Note 2 - Summary of Certain 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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as 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: Note 3 – Expenditures to Subrecipients
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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Supervisory Union provided federal awards to subrecipients as follows:
AL
Number
Paine Mountain School District Echo Valley Community School District
Total
84.010A $ 338,723 $ 65,352 $ 404,075
84.367A 22,100 - 22,100
$ 360,823 $ 65,352 $ 426,175
Title: Note 4 – Scope of Audit
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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Supervisory Union is an independent municipal corporation. All federal grant operations of the Supervisory Union are included in the scope of the single audit.
Title: Note 5 – Non-Monetary Assistance
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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2023, the Supervisory Union received food commodities totaling $49,486.
Title: Note 6 – 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: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Supervisory Union’s federal award programs have been charged with indirect costs, based upon a rate established by State of Vermont. The Supervisory Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.