Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of RMC Tooele Property, LLC, HUD Project No. 105-43073, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Management has elected to use the 10% de Minimis indirect cost rate for certain costs.
RMC Tooele Property, LLC, had the following loan balances outstanding at December 31, 2024: Section 223(f) insured Loan by the Department of Housing and Urban Development in the amount of $13,535,972. (See Note 4 – Capital Advance) The loan balance outstanding is included in the federal expenditures presented in the schedule. Per Title 2 U.S. Code of Federal Awards paragraph 200.502 (Uniform Guidance), for loan guarantee programs the amount of federal awards expended based on the beginning of the period balance of loans from previous years for which the Federal government imposes continuing compliance requirements. So, the amount of federal awards expended for the loan guarantee program listed in this schedule will differ from the balance reflected on the balance sheet by the amount of principal paid during the reporting period. The outstanding loan balance at period end is $13,327,226.