Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Vermont Housing & Conservation Board (VHCB) under programs of the federal government for the year ended June 30, 2024. The information in the 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 VHCB, it is not intended to and does not present the financial position or changes in net position of VHCB.
Expenditures reported on the Schedule are reported on the modified 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VHCB does not have the option to elect the 10-percent de minimis indirect cost rate as described in the Uniform Guidance. VHCB follows OMB 2 CFR Part 200 for determination and charging of all costs. VHCB’s “Plan for Cost Allocation and Indirect Cost Rate” is developed annually in accordance with the guidance and principles established by OMB 2 CFR Part 200.