Notes to SEFA
The accompanying schedule of expenditures of Federal awards includes the Federal award activity of Vermont Rural Water Association (the "Organization"), under programs of the Federal Government for the year ended Rural Water Association (the "Organization"), under programs of the Federal Government for the year ended December 31, 2025 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
(1) 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable as to reimbursement.
The Organization has elected not to use the 10 percent de minimus indirect cost rate (for grants subject to the October 2023 Uniform Guidance revision) or the 15 percent de minimus indirect cost rate (for grants subject to the April 2024 Uniform Guidance revision) allowed under the Uniform Guidance.