Notes to SEFA
Title: 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dowling Park Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Dowling Park
Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Dowling Park Apartments, Inc. under programs of the federal government
for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because
the Schedule presents only a selected portion of the operations of Dowling Park Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Dowling Park Apartments, Inc.
Title: MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING
MULTIFAMILY HOUSING PROJECTS
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dowling Park Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Dowling Park
Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The mortgage was executed on November 1, 2008. The outstanding balance as of June 30, 2023 was $2,206,360. Additional disclosure regarding the Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects is noted in Note 6 of the
notes to the financial statements.