Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal and State Awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable, or are limited as toreimbursement.
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 includes the federal and state grantactivity of the Organization under the programs of the federal government and the State of North Carolina forthe year ended December 31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the Organization, it is not intended to, and doesnot, present the financial position, changes in net assets, or cash flows of the Organization.