Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activities ofNevada Virtual Academy under programs of the federal government for the year ended June 30, 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of NevadaVirtual Academy, it is not intended to and does not present the financial position or activities of Nevada VirtualAcademy.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures are recognized on the modified accrual basis, which is based on when costs become a demand oncurrent available financial resources. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.