Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures in the schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Northwest Tennessee Development District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Northwest Tennessee Development District under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of U.S. Code of Federal Regulations, Title 2, Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the District, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows of Northwest Tennessee Deveopment District.
Title: USDA Intermediary Relending Program
Accounting Policies: Expenditures in the schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Northwest Tennessee Development District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The USDA Intermediary Relending Program is administered by the Northwest Tennessee Development District, and balances and transactions relating to these programs are included in the District's basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the schedule above. The balance of loans outstanding at June 30, 2023, consists of #61-02 for $153,611 and #61-03 for $275,652.