Audit 54667

Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the Pitt County Board of Education, North Carolina under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements 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 Schedule presents only a selected portion of the operations of Pitt County Board of Education, North Carolina, it is not intended to and does not present the financial position, changes in net position, or cash flows of Pitt County Board of Education, North Carolina. Summary of Significant Accounting Policies: Basis of Accounting: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate: Pitt County Board of Education, North Carolina has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Loans: Pitt County Board of Education, North Carolina did not expend federal or State awards related to loans or loan guarantees during the fiscal year ended June 30, 2022. Noncash Assistance: Pitt County Board of Education, North Carolina did receive commodities for the fiscal year ended June 30, 2022 from the US Department of Agriculture CFDA# 10.555 in the amount of $1,098,951. The value of noncash assistance is the fair value of the noncash items as established by the grantor. Federally Funded Insurance: Pitt County Board of Education, North Carolina has no federally funded insurance. Clusters: The following are clustered by the NC Department of Public Instruction and are treated separately for state audit requirement purposes: - School Nutrition Cluster. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.