Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federalaward 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, 2022. The information inthis Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only aselected portion of the operations of Park Bixby Tower, Inc. dba Park Pacific Tower, it is notintended to and does not present the financial position, changes in net assets, or cash flows of ParkBixby Tower, Inc., dba Park Pacific Tower. For the year ended March 31, 2022, no awards werepassed 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.