Notes to SEFA
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Dock Manor, Inc. (the Corporation) and is prepared using the accrual basis of accounting.
2. Relationship to Basic Financial Statements
The information in the 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
4. Loan Programs
The mortgage balance at the beginning of the year totaling $3,727,813 is included in the federal expenditures presented in the Schedule under the Section 207/223(f) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects AL 14.155 program. The amount on the Schedule also includes amounts borrowed or refinanced under the same program during the year which totaled $3,037,693. The outstanding loan balance of $6,694,964 at June 30, 2023 has continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: 3. Indirect Costs
The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.