Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: For purposes of the Schedule, expenditures for federal programs are recognized 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 a reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the consolidated financial statements. The Organization did not expend any federal awards during 2022 in the form of noncash assistance or provide any funds to subrecipient agencies. The expenditure threshold for classification as a Type A program is $750,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 500000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1732921. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1383376.
Title: City of Knoxville Loans
Accounting Policies: For purposes of the Schedule, expenditures for federal programs are recognized 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 a reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the consolidated financial statements. The Organization did not expend any federal awards during 2022 in the form of noncash assistance or provide any funds to subrecipient agencies. The expenditure threshold for classification as a Type A program is $750,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans In (Out) from the City of Knoxville for 2022 as reported on the Schedule are as follows: Loan principal paid in 2022 $(43,754) plus forgivable loans recognized in 2022 of $58,951 equals a net of $15,197.
Title: Knox County Loans
Accounting Policies: For purposes of the Schedule, expenditures for federal programs are recognized 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 a reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the consolidated financial statements. The Organization did not expend any federal awards during 2022 in the form of noncash assistance or provide any funds to subrecipient agencies. The expenditure threshold for classification as a Type A program is $750,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans In (Out) from Knox County for 2022 as reported on the Schedule are as follows: Loan principal forgiven in 2022 of $(112,411) plus new forgivable loans recognized in 2022 of $179,329 equals a net increase of $66,918.