Title: Note 2 Program Income
Accounting Policies: Note 1 Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Coastal Regional Commission under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with 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 Coastal Regional Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of Coastal Regional Commission. Measurement Focus: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through identifying numbers are presented where available. The Commission is not using the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Auditee used an indirect cost rate of 29.17%, using a cost basis type of salaries plus fringe. The calculation were based on actual costs for FY23. The auditee has prepared a cost allocation plan in accordance with 2 CFR part 200 and submitted a Certificate of Indirect Cost to their cognizant agency, the US Dept of Commerce, Economic Development Administration. Because the auditee is a unit of local government and received less than $35 million in direct federal funding, the auditee is not required to submit their cost allocaion plan, but is required to keep it on file.
In accordance with the terms of the grant, program income totaling $102,437 was used to reduce the amount of federal and state funds expended in the following programs:
Title: Note 3 CRC Matching Funds
Accounting Policies: Note 1 Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Coastal Regional Commission under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with 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 Coastal Regional Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of Coastal Regional Commission. Measurement Focus: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through identifying numbers are presented where available. The Commission is not using the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Auditee used an indirect cost rate of 29.17%, using a cost basis type of salaries plus fringe. The calculation were based on actual costs for FY23. The auditee has prepared a cost allocation plan in accordance with 2 CFR part 200 and submitted a Certificate of Indirect Cost to their cognizant agency, the US Dept of Commerce, Economic Development Administration. Because the auditee is a unit of local government and received less than $35 million in direct federal funding, the auditee is not required to submit their cost allocaion plan, but is required to keep it on file.
In accordance with grant agreements, the Coastal Regional Commission has expended matching contributions totaling $2,594,344 during the year ended June 30, 2023, in connection with the following federal programs:
Title: Note 4 Sub-Recepient Matching Contributions
Accounting Policies: Note 1 Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Coastal Regional Commission under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with 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 Coastal Regional Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of Coastal Regional Commission. Measurement Focus: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through identifying numbers are presented where available. The Commission is not using the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Auditee used an indirect cost rate of 29.17%, using a cost basis type of salaries plus fringe. The calculation were based on actual costs for FY23. The auditee has prepared a cost allocation plan in accordance with 2 CFR part 200 and submitted a Certificate of Indirect Cost to their cognizant agency, the US Dept of Commerce, Economic Development Administration. Because the auditee is a unit of local government and received less than $35 million in direct federal funding, the auditee is not required to submit their cost allocaion plan, but is required to keep it on file.
In accordance with the grant agreement, cash and in-kind contributions totaling $241,406 were used as matching contributions by the sub-recipients for the following programs: