Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Young Scholars for Academic Empowerment dba TruEvolution, Inc. under programs of the federal government for the year ended December 31, 2024. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Young Scholars for Academic Empowerment dba TruEvolution, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Young Scholars for Academic Empowerment dba TruEvolution, Inc.
During 2024, federal loan programs changes are as follows: Passed Through the County of Riverside: Outstanding balance as of December 31, 2023 $ 3,900,000 Additions to forgivable notes payable - Reduction of forgivable notes payable (-) Outstanding balance as of December 31, 2024 $ 3,900,000
On October 19, 2021, the Board of Supervisors of the County approved the allocation of $50,000,000 American Rescue Plan Act funds to increase shelter capacity, permanent supportive housing units and affordable housing to help address homelessness. On August 10, 2022, the County agreed to lend a $2,000,000 ARPA loan to the Organization for Project Legacy, which will provide housing and support services to eligible recipients. The terms of the forgivable loan are as follows: • It shall accrue simple interest at a rate of zero percent (0%) per annum, which will begin to accrue thirty (30) days from the registration of the notice of completion. • Repayment shall be deferred, and the loan forgiven at the end of the agreement term if the Organization has complied with the terms of the loan. • The full value of the ARPA Loan shall be in a first-priority lien position for the benefit of the County. The ARPA loan is subject to affordability restrictions. The terms of the restriction state that the County ARPA-assisted Units shall remain occupied and available to qualified households, until the later (i) of fifty-five (55) years from the registration of the notice of completion, or (ii) July 1, 2077. For the year ended December 31, 2024, the total loan proceeds of $2,000,000 is included in the federal expenditures presented in the schedule of expenditures of federal awards. The loan amount remains outstanding as of December 31, 2024.