Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of VRSunder programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of the 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 VRS, it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of VRS.Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement.Pass through entity identifiying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.