Notes to SEFA
Title: A. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedules 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. Negative amounts shown on the schedules represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Pass through to subrecipients include amounts collected by GNRC and subsequently
remitted to the subrecipient. Payments to subrecipient are recorded on the accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: GNRC has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The accompanying schedules of expenditures of federal and state awards include the grant
activity of the Greater Nashville Regional Council (“GNRC”) under programs of the federal
and state governments for the year ended June 30, 2024. The information in these schedules
is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirement for Federal Awards (Uniform Guidance) and State of Tennessee.
Because the schedules present only a selected portion of the operations of GNRC, they are
not intended to and do not present the financial position or changes in net position of
GNRC.
Title: B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedules 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. Negative amounts shown on the schedules represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Pass through to subrecipients include amounts collected by GNRC and subsequently
remitted to the subrecipient. Payments to subrecipient are recorded on the accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: GNRC has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
Expenditures reported on the schedules 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. Negative amounts shown on the schedules represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Pass through to subrecipients include amounts collected by GNRC and subsequently
remitted to the subrecipient. Payments to subrecipient are recorded on the accrual basis of
accounting
Title: C. DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedules 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. Negative amounts shown on the schedules represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Pass through to subrecipients include amounts collected by GNRC and subsequently
remitted to the subrecipient. Payments to subrecipient are recorded on the accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: GNRC has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
GNRC has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: D. REVOLVING LOAN FUND
Accounting Policies: Expenditures reported on the schedules 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. Negative amounts shown on the schedules represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Pass through to subrecipients include amounts collected by GNRC and subsequently
remitted to the subrecipient. Payments to subrecipient are recorded on the accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: GNRC has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The revolving loan fund listed subsequently is administered by GNRC, and the balances and
transactions relating to this program are included in GNRC’s basic financial statements.
The balance of loans outstanding at June 30, 2024 consists of the following:
CFDA Program Outstanding Federal Federal Portion
Number Name Balance Portion Outstanding
11.307 Revolving Loan Fund $ 558,823 59.7% $ 333,617 *
11.307 RLF CARES Loan Fund $1,416,930 100% $1,416,930
* The Economic Development Administration approved the release of the Federal interest in
the capital base of the Revolving Loan Fund Award in fiscal year 2024. Upon approval of
the release, no ongoing EDA monitoring or oversight of the RLF is required.