Notes to SEFA
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 U.S. Department of Education (USED) has delegated to the State of
Vermont Agency of Education the authority to issue indirect cost rates to
all Local Education Agencies (LEAs) based on a plan approved by the
USED. Therefore, the St. Johnsbury School District does not use the
10% de minimis indirect cost rate as allowed under the Uniform Guidance.