Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. under programs of the federal government for the nine months ended September 30, 2022. 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 ReimbursementVarious 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 2022, 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 2022.
All federal awards expended by Chesapeake Conservancy, Inc. (Conservancy) were included in the scope of the Uniform Guidance. The Single Audit was conducted in accordance with the provisions of the OMBs 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 38% of total federal awards program expenditures. The major federal award program was: Chesapeake Bay Program Geospatial Support, CFDA Number 66.466, with total expenditures of $722,318.
Title: OPERATING PERIOD AUDITED
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. under programs of the federal government for the nine months ended September 30, 2022. 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 ReimbursementVarious 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 2022, 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 2022.
Uniform Guidance testing procedures were performed for program transactions occurring during the operating period of nine months ended September 30, 2022.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chesapeake Conservancy, Inc. under programs of the federal government for the nine months ended September 30, 2022. 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 ReimbursementVarious 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 2022, 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 2022.
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: Total expenses per Statement of Activities $10,258,025 Less: Expenses funded by contributions and other sources $8,346,918 Total expenditures per Schedule of Expenditures of Federal Awards $1,911,107