Notes to SEFA
(A) The award for this agreement does not permit a request for reimbursement until the house has been completed and the certificate of occupancy has been issued. The Organization has considered this a measurable performance barrier (conditional promise to give) and, accordingly, expenditures for this award are not recognized as revenue until the certificate of occupancy is obtained. As a result, recognition between the Schedule and the financial statements are not consistent.
(B) Iowa Valley Habitat for Humanity received the following funding from the U.S. Department of Housing and Urban Development in 2011. Loan documents require compliance with program regulations until the maturity date of the loan or the period of affordability expires. Loans outstanding as of the beginning of the year and loans received during the year are included in the federal expenditures presented in the Schedule, with balances outstanding as of June 30, 2025, as follows: Assistance Listing Maturity Oustanding Program Number Date Balance Community Development Block Grants 14.218 7/31/2032 $295,000