Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2. Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(b) Milan Housing for the Elderly, Inc. has elected not to use the 10 percent de minimus indirect costrate as allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on the accompanyingschedule of expenditures of Federal Awards was $690,017.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (SECTION 515) (10.415) - Balances outstanding at the end of the audit period were 690017.
Title: Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(b) Milan Housing for the Elderly, Inc. has elected not to use the 10 percent de minimus indirect costrate as allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on the accompanyingschedule of expenditures of Federal Awards was $690,017.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Milan Housing for the Elderly, Inc. under programs of the federal government for the yearended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the Project, it is not intended to and does not present the Project'sfinancial position, changes in net assets, or cash flows.