Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or 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: Mill Stream Court has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award of Mill Stream Court, RD Project No. 37-06-22-2238057, under programs of the federal government for the year ended December 31, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note D - 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 as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or 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: Mill Stream Court has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2024 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $658,323.
Title: Note E - Section 8 Housing Assistance Payments
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or 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: Mill Stream Court has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The $45,086 amount of Rural Rental Assistance Payments represents the amount of qualified program assistance payments received in the year ended December 31, 2024.