Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of R.L.C. Corporation d/b/a Luther Towers and Subsidiary, HUD Project No. 061-11209, and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principels, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of R.L.C. Corporation d/b/a Lutheral Towers and Subsidiary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of R.L.C. Corporation d/b/a Lutheran Towers and Subsidiary.
Expenditures reported on the schedule are reported on the accrual basis of accounting and are recongnized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain tupes of expenditures are not allowable or are limited as to reimbursement. R.L.C. Corporation d/b/a Lutheran Towers and Subsidiary has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Housing Corporation has received a U.S. Department of Housing and Urban Development insured loan under Section 223(f) of the national Housing Act. The balance of the loan at the beginning of the year is included in the federal expenditures presented in the schedule. The outstanding balance of the loan as of December 31, 2024 was $0.