Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. The accompanying schedule of Federal Awards includes the Federal Award activity of IMACA under programs of the Federal Government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Requirement for Federal Awards (Uniform Guidance). 2. The accrual basis of accounting is used for expenditures of Federal Awards. 3. IMACA uses a negotiated indirect cost rate for facilities and administrative costs which is required and approved by the cognizant Federal agency. 4. $825,000 HOME loan on September 4, 1996, due to Town of Mammoth lakes, 1% simple, due in 2031, continuing tenant eligibility requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 825000.