Audit 52160

Accounting Policies: Note 1.GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Southwestern Vermont Council on Aging, Inc.Note 2.BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, as indicated in Note 1 to the Councils financial statements. It includes the federal grant activity of Southwestern Vermont Council on Aging, Inc. under programs of the federal government for the year ended September 30, 2022. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of Southwestern Vermont Council on Aging, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southwestern Vermont Council on Aging, Inc.Note 3.ALLOWABLE AND UNALLOWABLE COSTSThe Council follows 2 CFR Part 200, Cost Principles for Non-Profit Organizations, which was issued to provide that federal assistance programs provided to nonprofit organizations bear their fair share of costs by defining costs that are allowable and unallowable for that assistance.(1)Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR Part 200, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.(2)Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.