Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair value of the property received and used.
De Minimis Rate Used: N
Rate Explanation: The City of Elizabethton, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Elizabethton, Tennessee (primary government) under programs of the federal government for the year ended June 30, 2024. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position or changes in net position of the City.
Title: Note 3 - Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair value of the property received and used.
De Minimis Rate Used: N
Rate Explanation: The City of Elizabethton, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The loan programs listed subsequently are administered directly by the Environmental Protection Agency passed through the State of Tennessee Department of Environment and Conservation, and balances and transactions relating to these programs are included in the City's basic financial statements. See the SEFA for chart/table.