Title: Note 3 -Loans Outstanding
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedules of expenditures of federal awards and of state financial assistance (the Schedules) include the federal award and state grant activity of Knox County, Tennessee (the County), and its discretely presented component unit, Knox County Board of Education, (the Board), for the year ended June 30, 2021. The information in these Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Tennessee Comptroller of the Treasury. Because the Schedules present only a selected portion of the operations of Knox County, Tennessee, they are not intended to and do not present the financial position, changes in net position, or cash flows of Knox County, Tennessee. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported in the Schedules are reported on the modified-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 in the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 6 - INDIRECT COSTS A number of the County's and Boards federal and state funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reported as costs to the grantor nor are the costs included or presented in the schedules of expenditures of federal awards and of state financial assistance. The County and Board have elected not to use the ten percent de minimis indirect rate as allowed under the Uniform Guidance.
The County had the following loan funding balances outstanding at June 30, 2022. All of the loan additions are represented by program expenditures, but only a portion comes from the federal grant with the remainder from program income: Cluster / Program Title, CFDA Number, FY 2021 Loan Funding, Outstanding Balance; Community Development Block Grant, 14.218, $0, $5,136; HOME Investment Partnerships Programs, 14.239, $0, $440,169
Title: Note 4- Subrecipients
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedules of expenditures of federal awards and of state financial assistance (the Schedules) include the federal award and state grant activity of Knox County, Tennessee (the County), and its discretely presented component unit, Knox County Board of Education, (the Board), for the year ended June 30, 2021. The information in these Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Tennessee Comptroller of the Treasury. Because the Schedules present only a selected portion of the operations of Knox County, Tennessee, they are not intended to and do not present the financial position, changes in net position, or cash flows of Knox County, Tennessee. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported in the Schedules are reported on the modified-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 in the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 6 - INDIRECT COSTS A number of the County's and Boards federal and state funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reported as costs to the grantor nor are the costs included or presented in the schedules of expenditures of federal awards and of state financial assistance. The County and Board have elected not to use the ten percent de minimis indirect rate as allowed under the Uniform Guidance.
Of the expenditures presented in the schedule of expenditures of federal awards, the County provided federal awards to subrecipients as follows: Cluster / Program Title, CFDA Number, Amounts Provided to Subrecipients; Community Development Block Grant, 14.218, $1,324,708; HOME Investment Partnerships Programs, 14.239, $325,057; U.S. Treasury Coronavirus State and Local Fiscal Recovery Funds, 21.027, $2,437,289; Title I Grants to Local Education Agencies, 84.010A, $508,150; Special Education Cluster (IDEA), 84.027A, $83,828
Title: Note 5- Non-cash Assistance
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedules of expenditures of federal awards and of state financial assistance (the Schedules) include the federal award and state grant activity of Knox County, Tennessee (the County), and its discretely presented component unit, Knox County Board of Education, (the Board), for the year ended June 30, 2021. The information in these Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Tennessee Comptroller of the Treasury. Because the Schedules present only a selected portion of the operations of Knox County, Tennessee, they are not intended to and do not present the financial position, changes in net position, or cash flows of Knox County, Tennessee. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported in the Schedules are reported on the modified-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 in the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 6 - INDIRECT COSTS A number of the County's and Boards federal and state funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reported as costs to the grantor nor are the costs included or presented in the schedules of expenditures of federal awards and of state financial assistance. The County and Board have elected not to use the ten percent de minimis indirect rate as allowed under the Uniform Guidance.
The Board is the recipient of certain federal awards that do not result in cash receipts or disbursements, including distributions of U.S. Department of Agriculture (USDA) Food Commodities, which are valued based on a USDA price list obtained from the Tennessee Department of Agriculture.