Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the City of Vermillion under programs of the federal government for the year ended December 31, 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 the City of Vermillion, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality.
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 as to reimbursement. The City of Vermillion has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Vermillion had the following loan balances outstanding from the SD Clean Water State Revolving Fund, Assistance Listing #66.458 and the SD Drinking Water State Revolving Fund, Assistance Listing #66.468 at December 31, 2024. Total Amount Federal Portion of Loan of Loan Outstanding Outstanding Clean Water Series 2008 (6.7%) $ 1,460,268 $ 9 7,838 Clean Water Series 2009 (50%) 9 1,031 4 5,516 Clean Water Series 2017 (71.69%) 579,554 4 15,482 Drinking Water Series 2006 (1%) 679,102 6 ,791 Drinking Water Series 2013 (26.8%) 661,925 1 77,396 $ 3,471,880 $ 7 43,023
The amount reported represents 23.3% of the original acquisition cost of the federal surplus property received by the City.
No awards were passed through to subrecipients.