Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. and Subsidiary under programs of the federal government for year ended September 30, 2023. The information in this Schedule is presented in accordance with the audit 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 operations of the Conservancy, it is not intended to and does not present the statement of financial position, changes in net assets, or cash flows of the Conservancy.
Accrued and Deferred Reimbursement
Various grant procedures are used for federal awards received by the Conservancy. Consequently, timing differences between expenditures and grant receipts can exist at the beginning and end of the operating period. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent excess receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the remaining grant period of the subsequent operating fiscal year
De Minimis Rate Used: N
Rate Explanation: During fiscal year 2023, The Conservancy elected not to use the 10% de minimus cost rate as covered in the 2 CFR § 200.414 Indirect (Facilities & Administration) costs. Negotiated federal indirect cost rates were used in 2023.
All federal awards expended by Chesapeake Conservancy, Inc. and Subsidiary (Conservancy) were included in the scope of the Uniform Guidance. The Single Audit was conducted in accordance with the provisions of the OMB’s Compliance Supplement. The Single Audit fulfills all the federal agencies’ audit requirements, which include financial compliance and the adequacy of internal control. Compliance testing was performed for major federal award programs, which covers approximately 27% of total federal awards program expenditures. The major federal award program was: Collaborative Implementation of Chesapeake Programs and Projects, CFDA Number 15.930, with total expenditures of $922,021.
Title: OPERATING PERIOD AUDITED
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. and Subsidiary under programs of the federal government for year ended September 30, 2023. The information in this Schedule is presented in accordance with the audit 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 operations of the Conservancy, it is not intended to and does not present the statement of financial position, changes in net assets, or cash flows of the Conservancy.
Accrued and Deferred Reimbursement
Various grant procedures are used for federal awards received by the Conservancy. Consequently, timing differences between expenditures and grant receipts can exist at the beginning and end of the operating period. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent excess receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the remaining grant period of the subsequent operating fiscal year
De Minimis Rate Used: N
Rate Explanation: During fiscal year 2023, The Conservancy elected not to use the 10% de minimus cost rate as covered in the 2 CFR § 200.414 Indirect (Facilities & Administration) costs. Negotiated federal indirect cost rates were used in 2023.
Uniform Guidance testing procedures were performed for program transactions occurring during the operating period ended September 30, 2023.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. and Subsidiary under programs of the federal government for year ended September 30, 2023. The information in this Schedule is presented in accordance with the audit 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 operations of the Conservancy, it is not intended to and does not present the statement of financial position, changes in net assets, or cash flows of the Conservancy.
Accrued and Deferred Reimbursement
Various grant procedures are used for federal awards received by the Conservancy. Consequently, timing differences between expenditures and grant receipts can exist at the beginning and end of the operating period. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent excess receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the remaining grant period of the subsequent operating fiscal year
De Minimis Rate Used: N
Rate Explanation: During fiscal year 2023, The Conservancy elected not to use the 10% de minimus cost rate as covered in the 2 CFR § 200.414 Indirect (Facilities & Administration) costs. Negotiated federal indirect cost rates were used in 2023.
All Federal grant expenditures were for the Conservancy’s operational purposes and are recognized in the Statement of Activities. The following summary represents the reconciliation of the statement of activities to the schedule of expenditures of federal awards: See the Notes to the SEFA for chart/table Total expenses per Statement of Activities $ 12,231,082
Less: Expenses funded by contributions and other sources 8,821,526
Total expenditures per Schedule of Expenditures of Federal Awards $ 3,409,556