Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes all grants, contracts, and
similar agreements entered into directly between Triangle Land Conservancy (the Conservancy)
and agencies and departments of the federal government and all subawards to the Conservancy by
other organizations pursuant to federal grants, contracts, and similar agreements for the year ended
June 30, 2024. The federal award information is presented in accordance with the provisions of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The accompanying
schedule of expenditures of state awards includes all grants, contracts, and similar agreements
entered into directly between the Conservancy and agencies and departments of the North Carolina
state government for the year ended June 30, 2024. Certain amounts presented in these schedules
may differ from amounts presented in, or used in the preparation of the Conservancy's financial
statements. Additionally, because these schedules present only a selected portion of the operations
of the Conservancy, they are not intended to and do not present the financial position, changes in
net assets, or cash flows of the Conservancy.
Amounts reported on the accompanying schedule of expenditures of state awards includes $43,967
awarded for stewardship; however, under the terms of several grant contracts, these amounts were
not paid to the Conservancy but instead transferred by the awarding agency to the Office of State
Treasurer for investment in the NCLWF Conservation Easement Endowment Fund. As such,
government-funded support and stewardship program expenses reported on both the June 30, 2024
statement of activities and statement of functional expenses do not include this amount.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported in these schedules are reported on the accrual basis of accounting and are
generally determined using the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for the federal ACEP-ALE program as well as certain state award programs relate to
the acquisition of agricultural and conservation easements. The appraised value of land and
easements is generally used in the determination of cost share or other payments awarded.
Title: 3. Indirect Cost Rate
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Conservancy elected to use the de minimis rate of ten percent of modified total direct costs for
the grant awarded by the U.S. Department of Health and Human Services.