Audit 331518

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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Bradford Preparatory School has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of Expenditures of Federal and State Awards (SEFSA) include the federal and State grant activity of Bradford Preparatory School under the programs of the federal government and the State of North Carolina for the year ended June 30, 2024 and is presented on the modified accrual basis of accounting. 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 Bradford Preparatory School, it is not intended to and does not present the financial position, changes in net position, or cash flows of Bradford Preparatory School.