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 are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable 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 grant activity ofMooresville Graded School District 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 ImplementationAct. Because the Schedule presents only a selected portion of the operations of Mooresville Graded School District, it is not intended to anddoes not present the financial position, changes in net assets or cash flows of Mooresville Graded School District.