Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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 (the “Schedule”) includes the federal and state award activity of the City of White House, Tennessee (the “City”), under programs of the federal and state government for the year ended June 30, 2023. The information in this schedule 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 of Tennessee Audit Manual. Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position or cash flows of the City, it is not intended to and does not present the financial position, changes in fund
balance/net position or cash flows of the City.
Title: REVOLVING LOAN FUND BALANCES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2023, the City has outstanding revolving loan fund balances as follows:
State of Tennessee - Project # CWA 2009-246 $ 263,123
State of Tennessee - Project # CWSRF 2010-256 $ 174,512
State of Tennessee - Project # CG1 2012-302 $ 2,154,988
State of Tennessee - Project # CWSRF 2012-308 $ 253,400
State of Tennessee - State of TN - CG2 2013-326 $ 1,086,474
State of Tennessee - State of TN - CWSRF 2016-364 $ 552,768
State of Tennessee - State of TN - CWSRF 2021-449 $ 12,163,606
State of Tennessee - State of TN - CWSRF 2021-449-01 $ 6,029,530
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City has not passed any federal awards through to subrecipients for the year ended June 30, 2023.