Notes to SEFA
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: The School has elected not to use the 10-percent de minimis 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 MINA Charter School of Lee County, Inc. d/b/a Rising Leaders Academy 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.