Notes to SEFA
Title: Loan/Loan Guarantee Outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal, State, and Local Awards (the Schedule) includes the federal grant activity of the Organization under programs of the federal government received directly and passed through from the State of Tennessee as well as other state and local assistance for the year ended June 30, 2022. The information in the Schedule 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 Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financialposition, changes in net assets (deficit), or cash flows of the Organization.The Schedule is prepared 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. The Organization has elected to use the 10% deminimis indirect cost rate allowed under the Uniform Guidance for the Strategic Prevention Framework Partnerships for Success, Bureau of Justice Assistance-STOP School Violence, and State Targeted Response to the Opioid Crisis. The Organization did not pass any awards through to sub-recipients for the year ended June 30, 2022.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Disaster Assistance Loans (59.008)-Balances outstanding at the end of the audit period were $150,000.