Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Residential Revival Indiana (Organization). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The Organization has two promissory notes outstanding through the U.S. Department of Agriculture (USDA). Phase I USDA notes totaled $44,525,000 at issuance during the year ended June 30, 2019 and Phase IV USDA notes totaled $40,025,000 at issuance during the year ended June 30, 2021. As required, the Schedule reflects the outstanding balance as of July 1, 2024 of $69,478,036. The total balance of the notes outstanding at June 30, 2025 is $66,014,974.