Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Vermont Land Trust, Inc. under the programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Vermont Land Trust, Inc., it is not intended to and does not present the financial position, results of operations or cash flows of Vermont Land Trust, Inc.
Expenditures reported on the Schedule are presented on the same basis of accounting as Vermont Land Trust, Inc.’s financial statements. Vermont Land Trust, Inc. uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
In accordance with the OMB Uniform Guidance, major programs are determined using a risk-based approach. The programs in the accompanying Schedule of findings and questioned costs is determined by the independent auditor to be a major program.
Vermont Land Trust, Inc. has elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.