Notes to SEFA
Title: Balance of Outstanding Loan
Accounting Policies: The accompanying schedule of expenditures of federal and state awards and list of programs (the Schedule) includes the federal and state award activity of Southwestern Wisconsin Community Action Program, Inc. (SWCAP) under programs of the federal and state governments for the year ended December 31, 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SWCAP, it is not intended to and does not present the financial position, changes in net assets or cash flows of SWCAP.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year, and loans made during the year, are included in the federal expenditures presented in the Schedule. The balance of the loans outstanding at December 31, 2022 were $1,617,793 for Community Facilities Loans and Grants AL #10.766.