Title: NOTE A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Impact Seven, Inc. 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 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 Impact Seven, Inc. and Subsidiaries (the Organization), it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Management reviews the expenditures of federal awards for each entity that comprises the Organization and determines if a separate audit is required under the Uniform Guidance. Expenditures for the following consolidated subsidiaries of Impact Seven, Inc. are not included in the accompanying schedule of expenditures of federal awards to meet the requirements of the Uniform Guidance because they have separate audits under the Uniform Guidance or do not require an audit under the Uniform Guidance.
Title: Note A - Basis of Presentation (list of subsidiaries)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
Artist Lofts MM, LLC, Artist Lofts LLC, Barron County Housing LLC, Bay Springs Housing Corporation, Baybarry Corporation, Baybob Corporation, Bayjack Corporation, Baysis Corporation, Beaver Dam Lake Historic Lofts MM LLC, Beaver Dam Lake Historic Lofts LLC, Brerbay Corporation, Camp Marengo Housing Corporation, Central Wisconsin Housing Ltd, Centuria Housing LLC, Chippewa River Housing Corporation, Clam lake Housing corporation, Coffee Lake Housing Corporation, Coulee Homes Ltd, Deer Park Housing Ltd, Elliebelle Housing Corporation, Flambeau Housing Corporation, Franklin School Apartments MM LLC, Franklin School Apartments LLC, Gandy Dancer Housing Corporation, Gates Lake Housing Development Corporation, Ghost Creek Housing Corporation, Glidden Housing Corporation, Goodman Lake Housing Corporation, Grayson Bay Housing Corporation, Hearthstone Housing Ltd, Highland Ridge Partners LLC, Highlander Development Corporation, Hoffman's Landing Housing Corporation, Home Conversions Inc, Hungry Run Housing Corporation, Impact Acceptance Corporation, Impact Capital LLC, Impact Grafton MM LLC, Impact Grafton LLC, Impact Housing Development Ltd, Impact La Crosse MM LLC, Impact La Crosse, LLC, Impact Management Group LLC, Impact Milwaukee 1 MM LLC, Impact Milwaukee 1 LLC, Impact Milwaukee LLC, Impact Mukwonago LLC, Impact Preservation Corporation, Impact Rice Lake LLC, Impact Sullivan LLC, Impact Wisconsin II LLC, Impact Wisconsin LLC, LBWN Rent-to-Own Homes MM LLC, LBWN Rent-to-Own Homes LLC, Lincoln School LLC, Marengo Falls Housing Corporation, Medford Affordable Housing MM LLC, Medford Affordable Housing LLC, Mitchell street Market Lofts MM LLC, Mitchell Street Market Lofts SM LLC, Mitchell Street Market Lofts LLC, Morgan Falls Development Corporation, National Avenue Lofts MM LLC, National Avenue Lofts LLC, Parkwood Properties Ltd, Pelican lake Housing Corporation, Pine Point Housing Development Corporation, Quality Development Corporation, Riverway Homes Ltd, Robert Holmes Limited Partnership, Seven04 Place LLC, Shanagolden Development Corporation, St George Housing Corporation, St Peter's Dome Housing Corporation, Timber Lake Housing Corporation, Wilmarth Mansion LLC, Wisconsin Impact Fund II LLC
Title: NOTE D – Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Organization administers relending loan programs funded by the U.S. Department of Agriculture and U.S. Department of Treasury. Balances and transactions relating to this program are included in the Organization’s consolidated financial statements. The notes payable outstanding or relending fund balance at the beginning of the year plus cash received and loans made during the year are included in the federal expenditures presented in the schedule. Total notes payable to these agencies at December 31, 2023 are as follows: Program Name - Rural Rental Housing Loans; Federal Assistance Listing Number - 10.415; Outstanding Loan Balance at December 31 2023 - $798338; Program Name - Community Development Financial Institutions Bond Guaranty Program; Federal Assistance Listing Number - 21.014; Outstanding Loan Balance at December 31 2023 - $5668150