Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of CAP Services, Inc. and Community Assets for People, LLC 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 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") and State Single Audit Guidelines issued by Wisconsin Department of Administration. Because the Schedule presents only a selected portion of the operations of CAP Services, Inc. and Community Assets for People, LLC, it is not intended to and does not present the financial position, changes in net assets or cash flows of CAP Services, Inc and Community Assets for People, LLC. 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. 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: Y
Rate Explanation: CAP Services, Inc. has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
CAP Services, Inc. did not have any subrecipients or subrecipient expenditures during the year ended December 31, 2023.
Title: Balance of Outstanding Loans
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of CAP Services, Inc. and Community Assets for People, LLC 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 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") and State Single Audit Guidelines issued by Wisconsin Department of Administration. Because the Schedule presents only a selected portion of the operations of CAP Services, Inc. and Community Assets for People, LLC, it is not intended to and does not present the financial position, changes in net assets or cash flows of CAP Services, Inc and Community Assets for People, LLC. 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. 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: Y
Rate Explanation: CAP Services, Inc. has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The loan programs listed subsequently are administered directly by CAP Services, Inc., and balances and transactions relating to these programs are included in CAP Services, Inc.'s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2023, consists of:
AL Outstanding Balance
Program Name Number at December 31, 2023
Southtown Terrace, Wautoma 10.415 $467,475
Bird Creek 2, Wautoma 10.415 167,540
Total $635,015