Title: Note A - Basis of Presentation
Accounting Policies: A) The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of the City of Lenoir City, Tennessee under programs of the federal and state governments for the year ended June 30, 2024. 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). (B) (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The City of Lenoir City, Tennessee has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The City Schools used the maximum allowed indirect cost rate of 19.09% in fiscal year 2024 for the ESSER 3.0 program.
The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of the City of Lenoir City, Tennessee under programs of the federal and state governments for the year ended June 30, 2024. 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).
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: A) The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of the City of Lenoir City, Tennessee under programs of the federal and state governments for the year ended June 30, 2024. 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). (B) (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The City of Lenoir City, Tennessee has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The City Schools used the maximum allowed indirect cost rate of 19.09% in fiscal year 2024 for the ESSER 3.0 program.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) The City of Lenoir City, Tennessee has not elected to use the 10 percent de minimus indirect cost rate as allowed by the Uniform Guidance. The City Schools used the maximum allowed indirect cost rate of 19.09% in fiscal year 2024 for the ESSER 3.0 program. (4) Lenoir City Schools elected not to charge indirect costs on all other programs in fiscal year 2024.
Title: Note C - Outstanding Loans
Accounting Policies: A) The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of the City of Lenoir City, Tennessee under programs of the federal and state governments for the year ended June 30, 2024. 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). (B) (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The City of Lenoir City, Tennessee has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The City Schools used the maximum allowed indirect cost rate of 19.09% in fiscal year 2024 for the ESSER 3.0 program.
The City of Lenoir City, Tennessee had the following loan funding balance, loan repayments, and loan balances outstanding at June 30, 2024. These loan funding balances are also included in the federal expenditures presented in the Schedule. See the Notes to the SEFA for chart/table.