Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grantactivity of Rowan-Salisbury Board of Education under the programs of the federal government and the State of NorthCarolina for the year ended June 30, 2022. The information in this SEFSA is presented in accordance with therequirements 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 Schedulepresents only a selected portion of the operations of Rowan-Salisbury Board of Education, it is not intended to and does notpresent the financial position, changes in net assets or cash flows of Rowan-Salisbury Board of Education.