Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Reported on the modified accrual basis of accounting, following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See note 2
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, 2024. 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: Reported on the modified accrual basis of accounting, following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See note 2
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.