Notes to SEFA
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Millner
Estates has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Millner
Estates has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Millner Estates and is presented on the accrual basis of accounting. 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 Millner Estates, it is not intended to and does not present the
financial position, changes in net assets (deficit), or cash flows of Millner Estates.
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
PROGRAM
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Millner
Estates has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Millner
Estates has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Millner Estates has received a U.S. Department of Housing and Urban Development direct loan
under Section 202 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. Millner Estates received
no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists
of:
Outstanding
Assistance Balance at
Listing Number Program Name June 30, 2023
14.157 Section 202 Direct Loan $ 776,825