Notes to SEFA
Title: Noncash Awards
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 Southwest Vermont Supervisory Union does not use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Southwest Vermont Supervisory Union reports U.S. Department of Agriculture
(USDA) Foods consumed on the Schedule at the fair value [or entitlement value]. The State
of Vermont allocated USDA Foods to the respective program(s) that benefitted from the use
of those USDA Foods.
Title: Expenditures to Subrecipients
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 Southwest Vermont Supervisory Union does not use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table