Notes to SEFA
The accompanying Schedule is presented using the accrual basis of accounting.
The Association has a 3.65% mortgage note payable insured by the U.S. Department of Housing and Urban Development (HUD) in the amount of $8,699,603 at June 30, 2025. The note is payable in monthly installments of $39,234 (including principal and interest) through December 1, 2051. The note is secured by substantially all real property of the Association. This loan is included in the schedule of expenditures of federal awards. The basis used to determine loans expended included in the Schedule is 1) the loan amount of new loans made or received during the fiscal year plus 2) the balance of the loans from previous years for which the federal government imposes continuing compliance requirements, which totaled $8,914,730, plus 3) any interest subsidy, cash or administrative cost allowance received, which was $0. The balance of the loan program outstanding as of June 30, 2025 equaled the amount of federal expenditures of loan programs for the year ended June 30, 2025, plus the balance carried forward from 2024.