Notes to SEFA
Title: Note 1: General
Accounting Policies: Note 2: Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
The Lakes Community Health Center, Inc. dba NorthLakes Community Clinic has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal
and state grant activity of The Lakes Community Health Center, Inc. dba NorthLakes Community Clinic under
programs of the federal and state governments for the year ended December 31, 2023. The information in this
schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform
Guidance”) and the State of Wisconsin State Single Audit Guidelines. Because the schedule presents only a
selected portion of the operations of The Lakes Community Health Center, Inc. dba NorthLakes Community Clinic,
it is not intended to and does not present the financial position, changes in net assets or cash flows of The Lakes
Community Health Center, Inc. dba NorthLakes Community Clinic.
Title: Note 4: USDA Loans and Loan Guarantees - Assistance Listing Number 10.766
Accounting Policies: Note 2: Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
The Lakes Community Health Center, Inc. dba NorthLakes Community Clinic has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
The Lakes Community Health Center, Inc. dba NorthLakes Community Clinic has a direct loan from and loans
guaranteed by the U.S. Department of Agriculture under the community facility loans and grants program.
Amounts reported in the schedule of expenditures of federal and state awards are the balances at the beginning
of the year. Outstanding balance at December 31, 2023 were as follows:
Loan Balance at beginning of year Balance at end of year
Direct loan $4,966,243 $4,897,989
Guaranteed loan $1,050,985 $1,010,511
Guaranteed loan $1,769,925 $1,730,172