Audit 3473

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: All Federal grant operations ofthe South Baltimore Gateway Community Impact DistrictManagement Authority(the Partnership)are includedin the scope of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, andAudit Requirements for Federal Awards(the Single Audit).The Single Audit was performedin accordancewith the provisions of the OMB Compliance Supplement (the ComplianceSupplement). Compliance testingof all requirements, as describedin the ComplianceSupplement, was performed for the major grant programnoted below. The programsonthe Schedule ofExpendituresof Federal Awards(the Schedule)represent all Federal awardprograms and other grants with fiscal year2023cash or non-cash expenditure activities.For our single audit testing, we tested the Federal award programsbelowwithfiscal year2023cash and non-cash expenditures to ensurecoverage of at least40% of Federallygranted funds. Our actualcoverage was82%. Expenditures are recognized followingthecost principles contained inTitle 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements forFederal Awards(the Uniform Guidance), wherein certain types ofexpendituresare not allowable or are limited as to reimbursement.The Partnershiphaselectednotto use the 10-percent de minimis indirect cost rate asallowed under the UniformGuidance. De Minimis Rate Used: N Rate Explanation: The Partnershiphaselectednotto use the 10-percent de minimis indirect cost rate asallowed under the UniformGuidance. All Federal grant operations ofthe South Baltimore Gateway Community Impact DistrictManagement Authority(the Partnership)are includedin the scope of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, andAudit Requirements for Federal Awards(the Single Audit).The Single Audit was performedin accordancewith the provisions of the OMB Compliance Supplement (the ComplianceSupplement). Compliance testingof all requirements, as describedin the ComplianceSupplement, was performed for the major grant programnoted below. The programsonthe Schedule ofExpendituresof Federal Awards(the Schedule)represent all Federal awardprograms and other grants with fiscal year2023cash or non-cash expenditure activities.For our single audit testing, we tested the Federal award programsbelowwithfiscal year2023cash and non-cash expenditures to ensurecoverage of at least40% of Federallygranted funds. Our actualcoverage was82%. Expenditures are recognized followingthecost principles contained inTitle 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements forFederal Awards(the Uniform Guidance), wherein certain types ofexpendituresare not allowable or are limited as to reimbursement.The Partnershiphaselectednotto use the 10-percent de minimis indirect cost rate asallowed under the UniformGuidance.