Title: NOTE 1- BASIS OF PRESENTATION
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, 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.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Pee Dee Math,
Science and Technology Academy (the School) under programs of the federal government for the year ended June
30, 2024. The informationinthisscheduleispresentedinaccordancewiththerequirements of the audit requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”). Because the schedule presents only a selected portion of
the operations of the School, it is not intended to and does not present the statements of financial position,
activities, and cash flows of the School.
Title: NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICES
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, 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.
Basis of Accounting – Expenditures reported on the schedule are reported on the modified accrual basis of
accounting.
Title: NOTE 3- DE MINIMUS INDIRECT COST RATE
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, 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.
The School has elected not to use the 10% de minimums indirect cost rate as allowed under Uniform Guidance.
Title: NOTE 4- OTHER MATTERS
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, 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.
The federal expenditures related to the Community Facility Loan (Federal Assistance Listing Number 10.766)
noted above relates to interim financing and will be refinanced with a US Department of Agriculture loan of
$5,903,200. $2,471,477 of the expenditures have been paid with interim financing as of June 30, 2024. The
loans will have future compliance requirements.
Title: NOTE 5- OTHER FEDERAL LOANS OUTSTANDING
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, 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.
Other federal loan balances outstanding as of June 30, 2024 are as follows:
US Department of Agriculture
Rural Development Loan $ 2 ,461,397