Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (The "Schedule") includes the federal award activity of Iowa Mennonite Benevolent Association under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of 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 Iowa Mennonite Benevolent Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Iowa Mennonite Benevolent Association. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 3598520. The following loan balances were outstanding at December 31, 2022:Community Facilities Loans and Grants ClusterAssistance Listing 10.766Outstanding Amount $ 3,598,520