Notes to SEFA
Hope Enterprise Corporation has a grant agreement with NeighborWorks America which is structured in accordance with Section 607(e) of the Neighborhood Reinvestment Corporation Act, as amended (42 U.S.C. 8101, et. seq.). The agreement provides for the funding of certain ongoing community lending and support projects in the form of capital funds grants. During 2024 and 2024, the Company was awarded NeighborWorks America capital funds grants totaling $511,000 and $556,000, respectively, which is included in revenue. Expenditures relative to these awards are shown in detail in the accompanying schedule of expenditures of federal awards. Of the amounts received from NeighborWorks America, all were considered expendable grants and no amounts were received with donor restrictions. The unexpended portion of donor-restricted grants relates to grant funds held in perpetuity and amounted to $-0- at December 31, 2024 and 2024. As of December 31, 2024, the Company was in compliance with the bonding and insurance requirements of the grant agreement.
The Company did not provide any federal awards to subrecipients during the year ended December 31, 2024.
The Company did not receive any federal assistance in noncash form during the year ended December 31, 2024.