Notes to SEFA
The accompanying Consolidated Schedule of Expenditures of Federal and State Financial Assistance (the “Schedule”) includes the federal grant activity of Knox Housing Partnership, Inc. DBA HomeSource east tennessee and its subsidiaries and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of the 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 operations of Knox Housing Partnership, Inc. DBA HomeSource east tennessee, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Knox Housing Partnership, Inc. DBA HomeSource east tennessee.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB’s Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. Knox Housing Partnership, Inc. DBA HomeSource east tennessee has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Knox Housing Partnership, Inc. DBA HomeSource east tennessee has received U.S. Department of Housing and Urban Development Assistance Program Loans (14.239) with outstanding balances at the beginning of the year of $3,364,868, which are included in the federal expenditures presented in the Schedule. Knox Housing Partnership, Inc. DBA HomeSource east tennessee received $464,339 in additional loans during the year.
Knox Housing Partnership, Inc. DBA HomeSource east tennessee has received U.S. Department of the Treasury Coronavirus State and Local Fiscal Recovery Funds totaling $231,184 during the year, which are included in the federal expenditures presented in the Schedule.