Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal grant activity of the Old North State Medical Society, Inc. under the programs of the federal government for the year ended December 31, 2022. 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 Old North State Medical Society, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of Old North State Medical Society, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported in the schedule of expenditures of federal awards are reported on the accrual basis of accounting.