Notes to SEFA
Accounting Policies: The supplemental schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of Winston-Salem Academy, Inc. D/B/A Forsyth Academies under programs of the federal and state government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance") and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of WINSTON-SALEM ACADEMY, INC., D/B/A FORSYTH ACADEMIES, it is not intended to and does not present the financial position, changes in net position, or cash flows, if applicable, of Winston-Salem Academy, Inc. D/B/A Forsyth Academies. Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Winston-Salem Academy, Inc. D/B/A Forsyth Academies has not elected to use the 10- percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.