Notes to SEFA
The Schedule includes the Federal award activity of the Authority under programs of the Federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Authority.
The Authority administers an RLF that was originally funded pursuant to the American Recovery and Reinvestment Act of 2009 (ARRA), the loans of which support activities eligible under the State Energy Program (SEP) (Assistance Listing #81.041). Based on guidance provided by the U.S. Department of Energy (DOE), after the first revolution of funds, the ARRA funds retain their Federal character in perpetuity, but subsequent disbursements of funds (i.e., recycled funds) are to be excluded from the Federal expenditures presented in the Schedule. In addition, the Authority may request to repurpose funds toward another eligible SEP activity upon approval from the DOE. All of the funds held by the Authority in the RLF have been recycled. As of July 1, 2024, the balance of the RLF totaled $1,231,543, inclusive of loans outstanding of $659,499. During the year ended June 30, 2025, no loans were made and the Authority did not repurpose any funds. As of June 30, 2025, the balance of the RLF totaled $1,248,976, inclusive of loans outstanding of $568,072.