Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of North Carolina High School for AcceleratedLearning, Inc. 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 inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Requirements for FederalAwards and the State Single Audit Implementation Act (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the School, it is notintended to and does not present the financial position, changes in net position, or cash flows of the School.Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.