Notes to SEFA
Title: NOTE 1 – 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. Miller Park, Inc.
has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: All costs charged to the federal programs are direct costs.
The accompanying schedule of expenditures of federal awards include the federal award activity of Miller Park, Inc., HUD Project No. 065-HD040-CA, under programs of the federal government of the year ended June 30, 2024. 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 Miller Park, Inc., it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Miller
Park, Inc.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Miller Park, Inc.
has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: All costs charged to the federal programs are direct costs.
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. Miller Park, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
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. Miller Park, Inc.
has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: All costs charged to the federal programs are direct costs.
Miller Park, Inc. has received a U.S. Department of Housing and Urban Development Capital
Advance under Section 811 of the National Housing Act. The Capital Advance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. Miller Park, Inc. received no additional advances during the year. The balance of the advance outstanding at June 30, 2024 consists of: See the Nots to the SEFA for chart/table.