Notes to SEFA
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 governments for the yearended September 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.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 portionof the operations of North Carolina Coastal Land Trust, it is not intended to and does not present the financialposition, 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 arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. North Carolina Coastal Land Trust has elected not to usethe 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.