Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Knoxville Leadership Foundation, Inc. and subsidiaries, under programs of the Federal Government for the year ending December 31, 2025. 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 Knoxville Leadership Foundation, Inc., it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Knoxville Leadership Foundation, Inc.
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. Knoxville Leadership Foundation, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Knoxville Leadership Foundation, Inc. has received a U.S. Department of Housing and Urban Development Assistance Program Loan (14.258) with an outstanding balance at the beginning of the year of $1,749,825, which is included in the federal expenditures presented in the Schedule. Knoxville Leadership Foundation, Inc. has received a U.S. Department of Housing and Urban Development Home Investment Partnerships Program Loan (14.239) with an outstanding balance at the beginning of the year of $789,964, and current year receipts of $5,400,000, which is included in the federal expenditures presented in the Schedule. Knoxville Leadership Foundation, Inc. has received a U.S. Department of Housing and Urban Development Housing Trust Fund loan (14.275) with an outstanding balance at the beginning of the year of $0 and current year receipts if $2,175,000 which is included in the federal expenditures presented in the Schedule. Knoxville Leadership Foundation, Inc. has received a U.S. Department of Housing and Urban Section 202 Capital Advance (14.157) with an outstanding balance at the beginning of the year of $0 and current year receipts of $7,500,000 which is included in the federal expenditures presented in the Schedule . Knoxville Leadership Foundation, Inc. received no additional loans during the year.