Notes to SEFA
Title: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Milltown Housing Development Fund Company, Inc. for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Major Program Determination
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.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Milltown Housing Development Fund Company, Inc. has determined that its Federal Programs with expenditures greater than $ 750,000 are Type A Programs and are deemed major programs
Title: Rural Rental Housing Loan Program
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.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $ 991,344.
Title: Sub-Recipients
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.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to sub-recipients.