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 Avery County Board of Education under the programs of the federal government and the State of North Carolina forthe year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 USCode of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of theoperations of Avery County Board of Education, it is not intended to and does not present the financial position, changes in netassets or cash flows of Avery County Board of Education.