Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in thes SEFSA are reported on he 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: Lake Lure Classical Academy has elected not to use the 10 percent de minimus 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 Lake Lure Classical Academy under the programs of the federal government and the State of North Carolinafor 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 Lake Lure Classical Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lake Lure Classical Academy.
Title: Outstanding USDA Loan
Accounting Policies: Expenditures reported in thes SEFSA are reported on he 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: Lake Lure Classical Academy has elected not to use the 10 percent de minimus rate as allowed under the Uniform Guidance.
Lake Lure Classical Academy had loan balances outstanding at June 30, 2024 for loans the grantor has still imposed continuing compliance requirements. Beginning in fiscal year ending June 30, 2023 loans outstanding at the beginning of the year are included in the SEFSA.