Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Realife Cooperative of Mounds View and is presented on the accrual basis of accounting. 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 Realife Cooperative of Mounds View, it is not intended to and does not present the financial positions, changes in net assets (deficit), or cash flows of Realife Cooperative of Mounds View.
Summary of Significant Accounting Policies
Realife Cooperative of Mounds View has received a U. S. Department of Housing and Urban Development loan under Section 213 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Realife Cooperative of Mounds View received no additional loans during the year. The balance of the loan outstanding at April 30, 2024 was $4,406,526