Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Basis of Accounting--Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cyber Academy of South Carolina (the School) under programs
of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the audit requirements of Title 2 U.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
portion of the operations of the School, it is not intended to and does not present the statements of financial position, activities, and cash flows of the School.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Basis of Accounting--Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
Basis of Accounting--Expenditues on the schedule are reported on the modified accrual basis of accounting.
Title: Note 3 - De Minimus Indirect Cost Rate
Accounting Policies: Basis of Accounting--Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The School has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.