Notes to SEFA
Title: Basis of Presentation
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Vermont Electric Cooperative, Inc has not elected to use the 10 percent de minimis indirect rate as allowed under Uniform Guidance.
The accompanying schedule of federal awards includes the federal award activity of Vermont Electric Cooperative, Inc. under programs of the federal government for the year ended December 31, 2024. The uniform 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 Vermont Electric Cooperative, Inc., it is not intended to and does not present the finanical position, changes in net assets, or cash flows of Vermont Electric Cooperative, Inc.
Title: FEMA - PUBLIC ASSISTANCE GRANTS
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Vermont Electric Cooperative, Inc has not elected to use the 10 percent de minimis indirect rate as allowed under Uniform Guidance.
The Schedule of Expenditures of Federal Awards includes expenses incurred in 2022 of $1,102,382 but obligated by the Department of Homeland Security during 2024. The Schedule of Expenditures of Federal Awards includes expenses incurred in 2023 of $208,092 but obligated by the Department of Homeland Security during 2024.