Notes to SEFA
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, 2023. 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 Requirements for Federal Awards. (Uniform Guidance) 2. The accrual basis of accounting is used for Expenditures of Federal Awards. 3. $825,000 HOME loan on September 4, 1996, due to the Town of Mammoth Lakes, 1% simple interest, due in 2031, continuing tenant eligibility requirements. 4. IMACA uses a negotiated indirect cost rate agreement for facilities and administrative costs which is required and approved by the cognizant Federal Agency.
De Minimis Rate Used: N
Rate Explanation: IMACA uses a negotiated indirect cost rate for facilities and administrative costs