Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported in this schedule are reported on the accrual basis of accounting and are
generally determined using the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for the federal ACEP-ALE program relate to
the acquisition of agricultural and conservation easements. The appraised value of land and
easements is generally used in the determination of cost share or other payments awarded.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Triangle Land Conservancy (the Conservancy) under programs of the federal government for the year ended June 30, 2023. The federal award information is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The accompanying schedule of expenditures of state awards includes all grants, contracts, and similar agreements entered into directly between the Conservancy and agencies and departments of the North Carolina state government. Certain amounts presented in these schedules may differ from amounts presented in or used in the preparation of the Conservancy's financial statements. Additionally, because these schedules present only a selected portion of the operations of the Conservancy, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Conservancy.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in this schedule are reported on the accrual basis of accounting and are
generally determined using the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for the federal ACEP-ALE program relate to
the acquisition of agricultural and conservation easements. The appraised value of land and
easements is generally used in the determination of cost share or other payments awarded.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported in these schedules are reported on the accrual basis of accounting and are generally determined using the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for the federal ACEP-ALE program as well as certain state award programs relate to the acquisition of agricultural and conservation easements. The appraised value of land and easements is generally used in the determination of cost share or other payments awarded.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported in this schedule are reported on the accrual basis of accounting and are
generally determined using the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for the federal ACEP-ALE program relate to
the acquisition of agricultural and conservation easements. The appraised value of land and
easements is generally used in the determination of cost share or other payments awarded.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Conservancy elected to use the de minimis rate of ten percent of modified total direct costs for the grant awarded by the U.S. Department of Health and Human Services.