Audit 305206

Title: BASIS OF PRESENTATION Accounting Policies: EXPENDITURES REPORTED IN THE SEFSA ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENTS. De Minimis Rate Used: N Rate Explanation: DE MINIMIS COST RATE NOT USED THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (SEFSA) INCLUDES THE FEDERAL AND STATE GRANT ACTIVITY OF MOUNTAIN ISLAND CHARTER SCHOOL, 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 TITLE 2 US CODE OF FEDERAL REGUALTION PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS AND THE STATE SINGLE AUDIT IMPLEMENTATION ACT. BECAUSE THE SEFSA PRESENTS ONLY A SELECT PORTION OF THE OPERATIONS OF MOUNTAIN ISLAND CHARTER SCHOOL, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANICAL POSITION, CHANGES IN NET POSITION OR CASH FLOWS OF MOUNTAIN ISLAND CHARTER SCHOOL, INC.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: EXPENDITURES REPORTED IN THE SEFSA ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENTS. De Minimis Rate Used: N Rate Explanation: DE MINIMIS COST RATE NOT USED EXPENDITURES REPORTED IN THE SEFSA ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENTS.