Audit 341363

Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of North Carolina Coastal Land Trust under programs of the federal and state govenments for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirments of Title 2 U.S. Code of Federal Regulations 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 North Carolina Coastal Land Trust, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the 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. North Carolina Coastal Land Trust has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.