Title: Note 3- Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Milestone, Inc. and Subsidiaries (Milestone, Inc.) and is presented on the accrual basis of accounting. The reporting entity, Milestone, Inc. and Subsidiaries is defined in Note 1 to the Organization’s consolidated financial statements. 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. Milestone elected not to use the 10% de minimus indirect cost rate during year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: N/A
All activity relating to the major and non-major programs are accounted for in the audited financial statements of Milestone, Inc.
Title: Note 4- Non-cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Milestone, Inc. and Subsidiaries (Milestone, Inc.) and is presented on the accrual basis of accounting. The reporting entity, Milestone, Inc. and Subsidiaries is defined in Note 1 to the Organization’s consolidated financial statements. 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. Milestone elected not to use the 10% de minimus indirect cost rate during year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: N/A
Milestone, Inc. has outstanding notes payable at June 30, 2023 which are federally insured. The notes payable require the Organization to remain in compliance with various covenants as long as there are balances outstanding. The Organization did not receive any additional loan proceeds during the fiscal year which were federally insured.
Title: Note 5- Capital Advance
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Milestone, Inc. and Subsidiaries (Milestone, Inc.) and is presented on the accrual basis of accounting. The reporting entity, Milestone, Inc. and Subsidiaries is defined in Note 1 to the Organization’s consolidated financial statements. 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. Milestone elected not to use the 10% de minimus indirect cost rate during year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: N/A
The capital advance amount represents the total amount received in the prior year. If the Project does not meet certain compliance requirement for a period of 40 years the balance plus accrued interest must be repaid.
Title: Note 7- Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Milestone, Inc. and Subsidiaries (Milestone, Inc.) and is presented on the accrual basis of accounting. The reporting entity, Milestone, Inc. and Subsidiaries is defined in Note 1 to the Organization’s consolidated financial statements. 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. Milestone elected not to use the 10% de minimus indirect cost rate during year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: N/A
Milestone, Inc. had no federal insurance in effect for the fiscal year ended June 30, 2023.
Title: Note 8- Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Milestone, Inc. and Subsidiaries (Milestone, Inc.) and is presented on the accrual basis of accounting. The reporting entity, Milestone, Inc. and Subsidiaries is defined in Note 1 to the Organization’s consolidated financial statements. 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. Milestone elected not to use the 10% de minimus indirect cost rate during year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: N/A
Milestone, Inc. has total federally insured notes payable outstanding of $123,934 at June 30, 2023. Details of the total notes payable outstanding are found in Note 11 of the footnotes to the consolidated financial statements of Milestone, Inc. as of June 30, 2023. Milestone, Inc. has no loan guarantees outstanding at June 30, 2023.