Audit 348718

Accounting Policies: 1. Summary of Significant Accounting Policies a. Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lower Columbia Estuary Partnership. The information in this schedule is presented in accordance with the requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Federal award program titles are reported as presented in SAM.gov Assistance Listings (AL). Federal Award program titles not presented in SAM.gov are identified by Federal Agency number followed by (.xxx). b. Basis of Accounting The expenditures for each federal financial assistance programs are presented in the schedule on the accrual basis of accounting. 2. Contingencies The amounts expended by Lower Columbia Estuary Partnership under federal programs are subject to audit by governmental agencies. Lower Columbia Estuary Partnership believes that any liabilities arising from such audits will not have a material impact on Lower Columbia Estuary Partnership’s financial position. 3. Indirect Cost Rate Lower Columbia Estuary Partnership is using the 10% de minimis indirect cost rate under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: Lower Columbia Estuary Partnership is using the 10% de minimis indirect cost rate under the Uniform Guidance.