Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the grant
activity of Triangle Charter Education Association, Inc. (the “Association”) under the programs of
the federal government and the State of North Carolina for the year ended June 30, 2023. 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 (Uniform Guidance) and the State Single Audit Implementation Act.
Because the Schedule presents only a selected portion of the operations of the Association, it ed
to and does not present the financial position, changes in net position or cash flows
of the Association.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and the
State Single Audit Implementatio tures are not allowable
or are limited as to reimbursement.
Title: Note 3 - Contingency
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor agencies would become a liability of the Association. In the opinion
of management, all grant expenditures are in compliance with the terms of the grant agreements nd
applicable Federal and state laws and other applicable regulations.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
ion did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.