Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 to SEFSA
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the Marjorie Williams Academy, Inc. under the programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Office of Management and Budget (OMB) Uniform Guidance and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of the Marjorie Williams Academy, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of the Marjorie Williams Academy, Inc.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Note 2 to SEFSA
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-21, Cost Principles for Educational Institutions or cost principles contained in Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursements.