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.