Notes to SEFA
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. MillnerEstates has elected not to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Millner Estates has received a U.S. Department of Housing and Urban Development direct loanunder Section 202 of the National Housing Act. The loan balance outstanding at the beginning ofthe year is included in the federal expenditures presented in the schedule. Millner Estates receivedno additional loans during the year. The balance of the loan outstanding at June 30, 2022 consistsof:OutstandingAssistance Balance atListing Number Program Name June 30, 202214.157 Section 202 Direct Loan $ 830,921
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. MillnerEstates has elected not to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
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 includes the federal award activity ofMillner Estates and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Millner Estates, it is not intended to and does not present thefinancial position, changes in net assets (deficit), or cash flows of Millner Estates.