Title: NOTE A BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Maple Lake Housing Development Corporation under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 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 Maple Lake Housing Development Corporation, it is not intended to and does not present the financial position or changes in net assets of Maple Lake Housing Development Corporation.
Title: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C FEDERAL LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
At December 31, 2023, Maple Lake Housing Development Corporation has the following federal loans:
Pass-through Program from the State of Minnesota
Home Investment Partnerships Program ALN 14.239 Federal Expenditures: $ 579,604
Pass-through Program from the State of Minnesota
Rural Rental Housing Loans ALN 10.415 Federal Expenditures: $ 165,990
Total Federal Expenditures: $ 745,594
Title: NOTE D SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
The Organization did not pass through any federal funds to subrecipients during the year ended December 31, 2023.
Title: NOTE E INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
The Project did not use an indirect cost rate when calculating federal expenditures.
Title: NOTE F PASS-THROUGH IDENTIFIER
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-cash basis of accounting, as described in Note A to the
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project did not use an indirect cost rate when calculating federal expenditures.
The Organization's pass-through identifier is unknown.