Audit 2151

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of the South Carolina Virtual Charter School, South Carolina (the “Charter School”) for the year ended June 30, 2023. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note I to the Charter School’s financial statements. Federal award expenditures are reported in the Charter School’s financial statements as expenditures in the Special Revenue Fund. Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for timing differences primarily relating to expenditures made subsequent to the filing of the federal financial reports. De Minimis Rate Used: N Rate Explanation: The Charter School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.