The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Ogallala Land & Water Conservancy (OLWC) under programs of the federal government for the year ended June 30, 2025. Because the Schedule presents only a selected portion of the operations of OLWC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of OLWC.