Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Institute Capital (the “Organization”) under the programs of the federal government and the State of North Carolina for the year ended December 31, 2024. This information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. 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.
Federal expenditures of $2,154,609 per the Schedule are recorded as a program liability at December 31, 2024. The Organization reported a program liability of $2,191,148 at December 31, 2024. NSP loans receivable of $1,217,958 for the year ending December 31, 2024, plus accrued interest thereon of $426,488 for the year ending December 31, 2024 and 2023, respectively, are due from various community development corporations. These loans, as modified in 2022, have a maturity date of December 31, 2024; however, repayment of principal and accrued interest is anticipated as properties securing the loans are sold. Refer also to Note 8 in the accompanying financial statements for a further description of this award.