Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Realife Cooperative of Mankato, FHA Project No. 092-23205, and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of Realife Cooperative of Mankato because it is not intended to and does not present the financial position, changes in net assets, or cash flows of Realife Cooperative of Mankato.
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. Realife Cooperative of Mankato has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Realife Cooperative of Mankato has received a U.S. Department of Housing and Urban Development insured 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 Mankato received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of $1,199,261.