Title: (1) Basis of Presentation
Accounting Policies: (1) Basis of Presentation
The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of Southeast Vermont Transit under programs of the federal government for the year ended June 30, 2024. 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 Southeast Vermont Transit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeast Vermont Transit.
(2) Basis of Accounting
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. Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
(3) Federal Debt Outstanding
As of June 30, 2024, the Organization has two separate notes payable with the United States Department of Agriculture. The notes were used to finance the construction of the
Wilmington building in prior years. The balance of these notes as of June 30, 2024, are $322,486 and $737,763.
De Minimis Rate Used: N
Rate Explanation: Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of Southeast Vermont Transit under programs of the federal government for the year ended June 30, 2024. 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 Southeast Vermont Transit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeast Vermont Transit.
Title: (2) Basis of Accounting
Accounting Policies: (1) Basis of Presentation
The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of Southeast Vermont Transit under programs of the federal government for the year ended June 30, 2024. 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 Southeast Vermont Transit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeast Vermont Transit.
(2) Basis of Accounting
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. Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
(3) Federal Debt Outstanding
As of June 30, 2024, the Organization has two separate notes payable with the United States Department of Agriculture. The notes were used to finance the construction of the
Wilmington building in prior years. The balance of these notes as of June 30, 2024, are $322,486 and $737,763.
De Minimis Rate Used: N
Rate Explanation: Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
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. Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
Title: (3) Federal Debt Outstanding
Accounting Policies: (1) Basis of Presentation
The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of Southeast Vermont Transit under programs of the federal government for the year ended June 30, 2024. 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 Southeast Vermont Transit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeast Vermont Transit.
(2) Basis of Accounting
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. Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
(3) Federal Debt Outstanding
As of June 30, 2024, the Organization has two separate notes payable with the United States Department of Agriculture. The notes were used to finance the construction of the
Wilmington building in prior years. The balance of these notes as of June 30, 2024, are $322,486 and $737,763.
De Minimis Rate Used: N
Rate Explanation: Southeast Vermont Transit has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.
As of June 30, 2024, the Organization has two separate notes payable with the United States Department of Agriculture. The notes were used to finance the construction of the
Wilmington building in prior years. The balance of these notes as of June 30, 2024, are $322,486 and $737,763.