Audit 364879

Title: Summary of significant accounting policies Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Park Bixby Tower, Inc., dba Park Pacific Tower, HUD Project No. 122-44815, under programs of the federal government for the year ended March 31, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of 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 Park Bixby Tower, Inc., dba Park Pacific Tower, it is not intended to and does not present the financial position, changes in nest assets, or cash flows of Park Bixby Tower, Inc., dba Park Pacific Tower. For the year ended March 31, 2025, no awards were passed through to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.