The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Impact Seven, Inc. under programs of the federal government for the year ended December 31, 2025. 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 Impact Seven, Inc. and Subsidiaries (the Organization), it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Management reviews the expenditures of federal awards for each entity that comprises the Organization and determines if a separate audit is required under the Uniform Guidance. Expenditures for the following consolidated subsidiaries of Impact Seven, Inc. are not included in the accompanying schedule of expenditures of federal awards to meet the requirements of the Uniform Guidance because they have separate audits under the Uniform Guidance or do not require an audit under the Uniform Guidance. Artist Lofts MM, LLC Hearthstone Housing, Ltd. Impact The Oaks on Maria, LLC Artist Lofts, LLC Highland Ridge Partners, LLC Impact Wisconsin II, LLC Barron County Housing, LLC Highlander Development Corporation Impact Wisconsin, LLC Bay Springs Housing Corporation Hoffman's Landing Housing Corporation LBWN Rent-to-Own Homes MM, LLC Baybarry Corporation Hungry Run Housing Corporation LBWN Rent-to-Own Homes, LLC Baybob Corporation Impact Acceptance Corporation Lincoln School, LLC Bayjack Corporation Impact Capital, LLC Marengo Falls Housing Corporation Baysis Corporation Impact Grafton MM, LLC Medford Affordable Housing MM, LLC Beaver Dam Lake Historic Lofts MM, LLC Impact Grafton, LLC Medford Affordable Housing, LLC Beaver Dam Lake Historic Lofts, LLC Impact Hayward Homes MM, LLC Mitchell Street Market Lofts MM, LLC Brerbay Corporation Impact Hayward Homes, LLC Mitchell Street Market Lofts SM, LLC Camp Marengo Housing Corporation Impact Housing Development, Ltd. Mitchell Street Market Lofts, LLC Central Wisconsin Housing, Ltd. Impact Hurley Homes MM, LLC Morgan Falls Development Corporation Chippewa River Housing Corporation Impact Hurley Homes, LLC National Avenue Lofts MM, LLC Clam Lake Housing Corporation Impact La Crosse MM, LLC National Avenue Lofts, LLC Coffee Lake Housing Corporation Impact La Crosse, LLC Parkwood Properties, Ltd. Coulee Homes, Ltd Impact Management Group, LLC Pelican Lake Housing Corporation Deer Park Housing, Ltd. Impact Milwaukee 1 MM, LLC Pine Point Housing Dev. Corp. Elliebelle Housing Corporation Impact Milwaukee 1, LLC Quality Development Corporation Flambeau Housing Corporation Impact Milwaukee, LLC Riverway Homes, Ltd. Franklin School Apartments MM, LLC Impact Mukwonago, LLC Seven04 Place, LLC Franklin School Apartments, LLC Impact Portage MM, LLC Shanagolden Development Corp. Gandy Dancer Housing Corporation Impact Portage, LLC St. George Housing Corporation Gates Lake Housing Development Corp. Impact Preservation Corporation St. Peter's Dome Housing Corporation Ghost Creek Housing Corporation Impact Rice Lake, LLC The Oaks on Maria MM, LLC Glidden Housing Corporation Impact St. Croix Falls Homes MM, LLC The Oaks on Maria, LLC Goodman Lake Housing Corporation Impact St. Croix Falls Homes, LLC Timber Lake Housing Corporation Grayson Bay Housing Corporation Impact Sullivan, LLC Wisconsin Impact Fund II, LLC
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in the Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization administers relending loan programs funded by the U.S. Department of Agriculture and U.S. Department of Treasury. Balances and transactions relating to this program are included in the Organization’s consolidated financial statements. The notes payable outstanding or relending fund balance at the beginning of the year plus cash received and loans made during the year are included in the federal expenditures presented in the schedule. Total notes payable to these agencies at December 31, 2025 are as follows: Program Name Federal Assistance Listing Number Outstanding loan Balance at December 31, 2025 Rural Rental Housing Loans 10.415 $ 768,496 Community Development Financial Institutions Bond Guaranty Program 21.014 $ 5,316,407
The Organization was awarded a grant from the U.S. Department of Commerce in 2020 to establish a Revolving Loan Fund Program to overcome area long-term economic deterioration problems. The grant did not require a non-federal match. The calculation for the federal awards expended is displayed below: Revolving Loan Fund (RLF) loans receivable outstanding at December 31, 2025 $ 1,022,000 Cash and investment balance in RLF at December 31, 2025 63,340 Administrative expenses paid out of income during December 31, 2025 0 Unpaid principal written off during 2025 0 Total 1,085,340 Federal share of the RLF 1.0 Federal awards expended $ 1,085,340