Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of AVSF under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of AVSF, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of AVSF.
The federal loan program identified below is administered directly by AVSF, and balances and transactions relating to this program are included in the financial statements of AVSF. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at September 30, 2025 consisted of: