Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) include the federal and state grant activity of Bradford Preparatory School under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Bradford Preparatory School, it is not intended to and does not present the financial position, changes in net position, or cash flows of Bradford Preparatory School.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures in the SEFSA are reported an the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.