Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: 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 Ac
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent minimum indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of
North Carolina for Quality Virtual Education, 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 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
the School, it is not intended to and does not present the financial position, changes in net position, or cash flows of the School.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: 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 Ac
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent minimum indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
The school has elected not to use the 10 percent minimum indirect cost rate as allowed under the Uniform Guidance.