Notes to SEFA
Title: Outstanding Loan
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Levi Towers, Inc. and is presented on the accrual basis of accounting. 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 Levi Towers, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Levi Towers, Inc.
De Minimis Rate Used: N
Rate Explanation: Levi Towers, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Included in federal xpenditures is a $2,995,253 direct loan outstanding balance at Stepember, 30, 2024. See Note 5 to the financial statemetns for further details.