Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the Wilson Preparatory Academy under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. 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 Wilson Preparatory Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Wilson Preparatory Academy.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported in the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting.