Audit 348176

Title: Basis of Presentation Accounting Policies: Expenditures reported in the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The School has not elected to charge a 10 percent de minimis indirect cost rate to its grants and has not elected to obtain a federal indirect cost rate. The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the Wake Preparatory 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 Wake Preparatory Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Wake Preparatory Academy.