Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and Stategrant activity of Union County Charter Education Association, Inc. under the programs of the federal governmentand the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA is presented inaccordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single AuditImplementation Act. Because the Schedule presents only a selected portion of the operations of the School, it isnot intended to and does not present the financial position, changes in net position, or cash flows of the School.Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.