Notes to SEFA
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles forState, Local and Indian Tribal Governments, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The U.S. Department of Education (USED) has delegated to the State ofVermont Agency of Education the authority to issue indirect cost rates to all LocalEducation Agencies (LEAs) based on a plan approved by the USED. Therefore,the Mount Abraham Unified School District does not use the 10% de minimusindirect cost rate as allowed under the Uniform Guidance.
The Mount Abraham Unified School District reports U.S. Department ofAgriculture (USDA) Foods consumed on the Schedule at the fair value [or entitlementvalue]. The State of Vermont allocated USDA Foods to the respective program(s) thatbenefitted from the use of those USDA Foods.