Notes to SEFA
On January 19, 2018, the Foundation received permanent financing from the United States Department of Agriculture (USDA) under the Community Facilities Loans and Grants program (Assistance Listing #10.766) to construct a student housing facility on the Shepherd University campus. All expenditures were incurred prior to the permanent financing by the USDA. However, the loan is subject to continuing compliance requirements and is required to be reported on the Foundation’s consolidated schedule of expenditures of federal awards until it is repaid. A summary of the USDA beginning of year loan balance to the outstanding loan balance (before loan costs, net of accumulated amortization) as of June 30, 2025 is as follows: "See the Notes to SEFA for chart/table"