The Schedule of Expenditures of Federal Awards (“the Schedule”) includes the federal award activity of Town of Albany, Vermont, under Public Assistance (Presidentially Declared Disasters), ALN 97.036 for the year ended December 31, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 operation federal award activity of the Town, it is not intended to and does not present the statement of net position or statement of revenues, expenditures and changes in net position of the Town.
Expenditures reported on the Schedule are presented on accrual basis of accounting, consistent with accounting principles generally accepted in the United States of America. 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. Pass-through entity identifying numbers are presented where available.
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 Title 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.
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 December 31, 2025, total expenditures under this program were $1,092,374.
For small projects under the Public Assistance program, FEMA obligates funding based on a fixed, approved cost estimate rather than actual costs incurred; accordingly, the amount reported on the Schedule reflects the amount obligated by FEMA, which may differ from the amount the Town has actually expended to complete the eligible work.
Federal funding reported under Assistance Listing 97.036 was passed through the Vermont Department of Public Safety. No federal funds were passed through by the Town to subrecipients during fiscal year 2025.
The Town of Albany, Vermont, has not elected to use the fifteen (15) percent de minimis indirect cost rate permitted under the Uniform Guidance.