Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN INSURANCE PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of Branan Towers, LLC under programs of the federal government for the year ended August 31, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (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 Branan Towers, LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Branan Towers, LLC. 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.
De Minimis Rate Used: N
Rate Explanation: Branan Towers, LLC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Branan Towers, LLC has received a U.S. Department of Housing and Urban Development insured loan under Section 207, pursuant Section 223(f) 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. Branan Towers, LLC received no additional loans during the year. The balance of the loan outstanding at August 31, 2024 was $1,317,267.