Audit 37966

Accounting Policies: NOTE 1. GENERALThe accompanying schedules of expenditures of federal awards and state financial assistanceinclude federal and state activity of the Board of Trustees, Queen City Academy Charter School.The Board of Trustees is defined in Note 1 to the Board's basic financial statements. All federaland state awards received directly from federal and state agencies, as well as federal awards andstate financial assistance passed through other government agencies is included on the scheduleof expenditures of federal awards and state financial assistance.NOTE 2. BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of awards and financial assistance are presentedusing the budgetary basis of accounting with the exception of programs recorded in the foodservice fund, which are presented using the accrual basis of accounting These bases ofaccounting are described in Note 1 to the Board's basic financial statements. The information inthis schedule is presented in accordance with the requirements of 2 CFR 200 UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.Therefore, some amounts presented in this schedule may differ from amounts presented in, orused in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.