Notes to SEFA
Expenditures reported on this consolidated schedule consists of two separate loans. For the first loan, the expenditures reported represents the beginning of the year outstanding loan balances plus advances made on the loans during the year, if applicable. The outstanding balance as of June 30, 2025 for this loan was $24,489,106. The second loan is guaranteed by the United States Department of Agriculture (USDA) for 90% of the loan principal. Total expenditures reported represents 90% of the beginning of the year outstanding loan balances. The outstanding balance as of June 30, 2025 for this loan was $11,058,700, of which 90% totals $9,952,830.