Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity
of Abundant Life Towers II, Inc. (the “Project”), under a program of the federal government for the year ended
December 31, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of
the operations of the Project, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of the Project.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. The Project has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of
the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal
expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of
the loan outstanding at December 31, 2023, is as follows: CFDA Number - 14.157; Program Name - Section 202 Direct Loan; Outstanding Balance at December 31, 2023 - $1,643,911.
Title: NOTE D - PASS-THROUGH FUNDS
Accounting Policies: 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The Project has no funds that pass through any other agency or Organization.