Audit 308572

Title: Note 1 - Basis of Presentation Accounting Policies: See Note 2 De Minimis Rate Used: N Rate Explanation: Costs allocated by percentage pf wages for the sepcific programs The accompanying schedule of expenditures of Federal awards includes the Federal award activity of Vermont Rural Water Association (the "Organization"), under programs of the Federal Government for the year ended Rural Water Association (the "Organization"), under programs of the Federal Government for the year ended December 31, 2023 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.

Title: Note 2 - Summaryof significant accounting policies Accounting Policies: See Note 2 De Minimis Rate Used: N Rate Explanation: Costs allocated by percentage pf wages for the sepcific programs (1) 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-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable as to reimbursement.

Title: Note 2 - Summaryof significant accounting policies Accounting Policies: See Note 2 De Minimis Rate Used: N Rate Explanation: Costs allocated by percentage pf wages for the sepcific programs (2) The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.