Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the award activity of
Knoxville Utilities Board (KUB) under programs of the federal government for the year ended June 30, 2023, and
is presented on the accrual basis of accounting. 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 and the State of Tennessee Audit
Manual.
De Minimis Rate Used: N
Rate Explanation: The auditee did not require the use of a cost rate.
The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the award activity of
Knoxville Utilities Board (KUB) under programs of the federal government for the year ended June 30, 2023, and
is presented on the accrual basis of accounting. 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 and the State of Tennessee Audit
Manual. KUB did not elect to use 10% de minimis indirect cost rate.