Notes to SEFA
Title: (3) Loan and Loan Guarantee Programs Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mazaska Owecaso Otipi Financial (the Organization) 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 the Organization, it is not intended to and does not present the financial position or changes in net position of the Organization. The schedule of expenditures of federal awards is presented using 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis rate allowed under the Uniform Guidance.
At December 31, 2023, Mazaska has an outstanding note payable balance for the Very Low to Moderate Income Housing Loan program (IHP Revolving Loan #1 and IHP Revolving Loan #2) of $774,494 and $129,616.