Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1) Basis of Presentation, Transactions related to the Maine Community Health Options (the Organization) and federal grant programs within the scope of the Uniform Guidance are presented in the accompanying schedule of expenditures of federal awards (the Schedule). 2)Loans Outstanding, The Organization was granted a Start Up Loan (Series A) with a maximum draw of $12,506,124 and Solvency Loan (Series B) with a maximum draw of $119,810,000. The Series A Loan bears 0% interest and repayments are due five years from each applicable disbursement date with permission from the Maine Bureau of Insurance (BOI). The Series B Loan bears 0.37% interest that accrues monthly based on a 360 day year. The interest and principal repayments are due fifteen years from each applicable disbursement date and are payable with permission from the BOI. The total loan balance outstanding at December 31, 2022 was $132,316,124
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CONSUMER OPERATED AND ORIENTED PLAN [CO-OP] PROGRAM (93.545) - Balances outstanding at the end of the audit period were 132316124.