Audit 324386

Accounting Policies: All Federal grant operations ofthe South Baltimore Gateway Community Impact District Management Authority(the Partnership)are includedin the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(the Single Audit).The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expendituresof Federal Awards(the Schedule)represent all Federal award programs with fiscal year 2024 cash or non-cash expenditure activities. For our Single Audit testing, we tested the Federal award programs below with fiscal year 2024 cash and non-cash expenditures to ensure coverage of atleast 20% of Federally granted funds. Our actual coverage was 68%. Expenditures are recognized following the cost principles contained inTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Partnership has elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance. De Minimis Rate Used: Y Rate Explanation: Auditee chose to use the minumin de minimus rate.