Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: NOTE A - BASIS OF PRESENTATION
Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost 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 net position of the District.
Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: SCTDD has always used the cognizant agency assigned by the State of Tennessee Comptroller. Tennessee cognizant agencies will only approve a cost allocation plans in accordance to Policy 03 and not a rate. The indirect cost is 22.38%, which was calculated using an indirect cost rate based type of total administrative personnel, benefits and expenses divided by the total direct personnel salaries and benefits. The benefits rate is 41.65% calculated by total benefits cost divided by total personnel.
Schedule of Expenditures of Federal Awards:
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost 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 net position of the District.
Schedule of Expenditures of State Awards:
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
Title: NOTE B – BASIS OF ACCOUNTING
Accounting Policies: NOTE A - BASIS OF PRESENTATION
Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost 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 net position of the District.
Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: SCTDD has always used the cognizant agency assigned by the State of Tennessee Comptroller. Tennessee cognizant agencies will only approve a cost allocation plans in accordance to Policy 03 and not a rate. The indirect cost is 22.38%, which was calculated using an indirect cost rate based type of total administrative personnel, benefits and expenses divided by the total direct personnel salaries and benefits. The benefits rate is 41.65% calculated by total benefits cost divided by total personnel.
The expenditures presented in the accompanying Schedules of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the District. Governmental funds are reported using a modified accrual basis of accounting. The District’s records serve as the primary source of information in preparation of the District’s basic financial statements.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: NOTE A - BASIS OF PRESENTATION
Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost 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 net position of the District.
Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: SCTDD has always used the cognizant agency assigned by the State of Tennessee Comptroller. Tennessee cognizant agencies will only approve a cost allocation plans in accordance to Policy 03 and not a rate. The indirect cost is 22.38%, which was calculated using an indirect cost rate based type of total administrative personnel, benefits and expenses divided by the total direct personnel salaries and benefits. The benefits rate is 41.65% calculated by total benefits cost divided by total personnel.
The District has not elected to use the 10-percent de minimums indirect cost rate allowed under the Uniform Guidance.
Title: NOTE D – FEDERAL LOAN PROGRAM
Accounting Policies: NOTE A - BASIS OF PRESENTATION
Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost 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 net position of the District.
Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: SCTDD has always used the cognizant agency assigned by the State of Tennessee Comptroller. Tennessee cognizant agencies will only approve a cost allocation plans in accordance to Policy 03 and not a rate. The indirect cost is 22.38%, which was calculated using an indirect cost rate based type of total administrative personnel, benefits and expenses divided by the total direct personnel salaries and benefits. The benefits rate is 41.65% calculated by total benefits cost divided by total personnel.
The federal loan program listed subsequently is administrated directly by the District, and balances and transactions related to these programs are included in the District’s basic financial statements. Loans outstanding at the beginning of the year, loans made during the year, and other required components are included in the federal expenditures presented in the schedule. Expenditure calculation for this program was as follows: RLF Cares: Cash 80,253 plus outstanding loans beginning balances 1,503,041 plus new loans 100,000 plus administrative cost 36,844, total 1,720,138 multiplied by federal share 100.0% equals federal award expended 1,720,138. See the Notes to the SEFA for chart/table.