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 sue 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 the North Carolina Virtual 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.