Notes to SEFA
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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Impact Mukwonago, LLC has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of Impact Mukwonago, LLC under programs of the federal government. The 18 month reporting period is based
on the request of the federal funding sources. 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 Company, it is not intended to and does not present the financial position,
changes in net assets or cash flows of the Company.
Title: NOTE B – 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 contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Impact Mukwonago, LLC has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
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. Impact Mukwonago, LLC has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – 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 contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Impact Mukwonago, LLC has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Impact Mukwonago, LLC has received a Rural Development insured loan. The loan balance outstanding at
the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of
the loan outstanding at December 31, 2024 consists of:
Outstanding Balance
CFDA Number Program Name at December 31, 2024
10.447 Revitalization Demonstration Program,
Loans outstanding $ 2,121,410