Notes to SEFA
Accounting Policies: The SEFA includes the federal and state award activity of Arc Knox County (the Arc) under programs of the federal and state governments for the year ended June 30, 2024. The information in the SEFA 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) and the State of Tennessee. Because the SEFA presents only a selected portion of the operations of the Arc, it it not intended to and does not present the financial position, changes in net assets, or cash flows of Arc Knox County. Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Arc elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect expenses, when charge to grant expenditure are based on rates or methods approved by the funding grantor.