Notes to SEFA
Title: Contingency
Accounting Policies: The schedule of expenditures of state financial assistance summarizes the expenditures of Tennessee Technology Development Corporation d/b/a LaunchTN under state programs for the year ended June 30, 2024, and is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: LaunchTN has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The grant amounts received are subject to audit and adjustement. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability to LaunchTN. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable laws and regulations.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of state financial assistance summarizes the expenditures of Tennessee Technology Development Corporation d/b/a LaunchTN under state programs for the year ended June 30, 2024, and is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: LaunchTN has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
LaunchTN passed through $646,875 to subrecipients in 2024.