Audit 46975

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Minnesota Assistance Council for Veterans under programs of the federal government for the year ended December 31, 2022. 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of Minnesota Assistance Council for Veterans, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Minnesota Assistance Council for Veterans. Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting except for the loan balances as discussed in Note 3. 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. De Minimis Rate Used: N Rate Explanation: Minnesota Assistance Council for Veterans has elected not to use the 10-percent de minimis indirect costrate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes a loan with continuing compliancerequirements in the amount of $391,600 in program 14.239.The loan balance did not change during the year.