Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures are reported on the Schedule 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ILQ, Inc. does not have indirect costs and therefore has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES - CAPITAL ADVANCE (14.181) - Balances outstanding at the end of the audit period were 822400.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures are reported on the Schedule 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ILQ, Inc. does not have indirect costs and therefore has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards includes the federal grant and loan activity of ILQ, Inc., 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. Part 200, 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 ILQ, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of ILQ, Inc. Marshall CMI Housing.