Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA presents the expenditures of all federal awards 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. Vermont Slauson Local Development Corporation, did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards (“SEFA”) includes the expenditures of federal awards of Vermont Slauson Local Development Corporation. The federal information in this schedule is presented in accordance with the regulations of Uniform Grants Guidance, 2 CFR Part 200, Subpart F. These amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Title: Loans Receivable
Accounting Policies: The SEFA presents the expenditures of all federal awards 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. Vermont Slauson Local Development Corporation, did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.
Loans made (loans receivables) from funds received from federal agencies in the form of grants are included in the federal expenditures presented on the SEFA in the year the loans are made. Repayments of principal and interest related to loans receivable made from federal awards are included on the SEFA as program income.