Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
The accompanying schedule of expenditures of federal awards (The "Schedule") includes the federal award activity of Iowa
Mennonite Benevolent Association 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 Iowa Mennonite Benevolent Association, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Iowa Mennonite Benevolent
Association.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
Iowa Mennonite Benevolent Association has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Note 4 - Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
The following loan balances were outstanding at December 31, 2023:
Assistance Amount
Listing Outstanding
Community Facilities Loans and Grants Cluster 10.766 $ 11,562,417