Audit 55206

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Fuji Towers, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: Fuji Towers, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization has a U.S. Department of Housing and Urban Development loan. The loanbalance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loan outstanding at June 30, 2022 was $19,260,472.