Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Industrial Development Board of Blount County and the Cities of Alcoa and Maryville, Tennessee (the “Board”) for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Subpart F of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of the Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Board has elected not to use the 10% de minimis indirect rate as allowed under Uniform Guidance.