Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal andState grant activity of Girls Leadership Academy of Wilmington Foundation under the programs of thefederal government and the State of North Carolina for the year ended June 30, 2022. The information inthis SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards and the State Single Audit Implementation Act. Because the Schedule presents only a selectedportion 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.Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, wherein certaintypes of expenditures 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.