Notes to SEFA
Title: 4. Loan Programs
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.
De Minimis Rate Used: Y
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.
The Corporation has an outstanding loan balance of $6,638,829 at June 30, 2024 that has continuing compliance requirements under the Section 207/223(f) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects AL 14.155 program.