Audit 46741

Accounting Policies: Note 1. Basis of presentation 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 December 31, 2022 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.Note 2. Summary of significant accounting policies1) 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 or are limited as to reimbursement.2) The Organization has elected not to use the de minimus indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.