Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and State grant activity of KIPP: ENC Public Schools as of June 30, 2022 and is presented on the accrual basis of accounting. The information in this SEFSA is presented in accordance with the requirements of Title 2 U S 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 KIPP: ENC Public Schools, it is not intended to and does not present the financial position, changes in net position or cash flows of KIPP: ENC Public Schools.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 11244622.
Title: Cluster of Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and State grant activity of KIPP: ENC Public Schools as of June 30, 2022 and is presented on the accrual basis of accounting. The information in this SEFSA is presented in accordance with the requirements of Title 2 U S 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 KIPP: ENC Public Schools, it is not intended to and does not present the financial position, changes in net position or cash flows of KIPP: ENC Public Schools.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following are clustered by the N C Department of Public Instruction and are treated as separately for State audit requirements. School Nutrition Program
Title: Summary of Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and State grant activity of KIPP: ENC Public Schools as of June 30, 2022 and is presented on the accrual basis of accounting. The information in this SEFSA is presented in accordance with the requirements of Title 2 U S 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 KIPP: ENC Public Schools, it is not intended to and does not present the financial position, changes in net position or cash flows of KIPP: ENC Public Schools.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported in the Schedule of Expenditures of Federal and State Awards are reported on the accrual basis of accounting.