Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activityof Impact Mukwonago, LLC under programs of the federal government. The 18 month reporting period is basedon the request of the federal funding sources. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents onlya selected portion of the operations of the Company, it is not intended to and does not present the financial position,changes in net assets or cash flows of the Company.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. Impact Mukwonago, LLC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C LOANS OUTSTANDINGImpact Mukwonago, LLC has received a Rural Development insured loan. The loan balance outstanding atthe beginning of the year is included in the federal expenditures presented in the Schedule. The balance ofthe loan outstanding at December 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202210.447 Revitalization Demonstration Program,Loans outstanding $ 2,136,865
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE RURAL DEVELOPMENT (RD) MULTI-FAMILY HOUSING REVITALIZATION DEMONSTRATION PROGRAM (MPR) (10.447) - Balances outstanding at the end of the audit period were 2136865.