Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the Federal andState grant activity of A.C.E. Academy Charter School of Cabarrus County under the programs of the Federalgovernment and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA ispresented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State SingleAudit Implementation Act. Because the Schedule presents only a selected portion of the operations of theSchool, it is not intended to and does not present the financial position, changes in net position, or cash flows ofthe School.Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.