Notes to SEFA
E. Loans and Loan Programs - Included within the schedule of expenditures of federal awards, the School has one federal loan that was outstanding during the year ended June 30, 2025. We have considered this loan issuance in determining programs to be tested under the Uniform Guidance.
Outstanding loans (Federal loans made to the School from a federal agency)
Community Facilities Loans and Grant Cluster - 10.766
Promissory note to USDA, Rural Development, in the amount of $1,555,000. Monthly principal and interest payments of $5,847 with interest at an effective rate of 2.125%; matures in November 2050; secured by real property.$ 1,376,385
Total outstanding loan programs $ 1,376,385