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, 2024, 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.
Expenditures of $587,532 for FEMA-4691-DR-TN were incurred in fiscal year 2023. In accordance with the
requirements of Assistance Listing Number 97.036, these expenditures have been reported in fiscal year 2024
when the grant was approved by the Federal Emergency Management Agency. KUB did not elect to use 10% de
minimis indirect cost rate.