Notes to SEFA
Expenditures reported on the Schedule are presented on the same basis of accounting as the Town’s financial statements. The Town 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 could be more than shown. Such expenditures are recognized following, as applicable, the cost principles in the Titlel 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements, wherein certain types of expenditures are not allowable or are limited to reimbursement.
FEMA Public Assistance – Expenditure Recognition (ALN 97.036)
Federal expenditures under the FEMA Public Assistance Program (Assistance Listing 97.036) are reported on the Schedule when both of the following conditions are met: (1) FEMA has obligated the project, and (2) the Town has incurred the eligible expenditures. For the year ended June 30, 2025, total expenditures under this program were $4,423,685.
In accordance with OMB Uniform Guidance, major programs are determined using a risk-based approach. The programs listed below are determined by the independent auditor to be major programs.
The Town of Middlesex, Vermont, has not elected to use the ten (10) percent de minimis indirect cost rate permitted under the Uniform Guidance.