Audit 355306

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Milltown Housing Development Fund Company, Inc. (Milltown Meadows), an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting: Milltown Meadows uses the accrual basis of accounting for its federal programs, consistent with the financial statements. The amounts reported as federal expenditures/loan balances were obtained from the appropriate financial reports for the applicable program and period. The amounts reported in these financial reports are prepared from records maintained for the program, which are periodically reconciled to Milltown Meadows’ financial reporting system. Indirect Costs: Milltown Meadows has not elected to use the 10% de minimis cost rate. Loans Outstanding: At December 31, 2024, loan balances outstanding under the Rural Rental Housing Loans program totaled $979,416. De Minimis Rate Used: N Rate Explanation: Indirect Costs: Milltown Meadows has not elected to use the 10% de minimis cost rate. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Milltown Housing Development Fund Company, Inc. (Milltown Meadows), an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting: Milltown Meadows uses the accrual basis of accounting for its federal programs, consistent with the financial statements. The amounts reported as federal expenditures/loan balances were obtained from the appropriate financial reports for the applicable program and period. The amounts reported in these financial reports are prepared from records maintained for the program, which are periodically reconciled to Milltown Meadows’ financial reporting system. Indirect Costs: Milltown Meadows has not elected to use the 10% de minimis cost rate. Loans Outstanding: At December 31, 2024, loan balances outstanding under the Rural Rental Housing Loans program totaled $979,416.