Notes to SEFA
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The note included balances of those federal programs of dollars lended out with continuing compliance requirements.
The accompanying Schedule of Expenditures of Federal Awards presents the acitivy of all federal financial assistance prgrams of the Organization. The schedule includes federal expenditure loans received from gederal agencies which are to be re-loaned to various enterprises. These loans are allowable expenditures under the various programs but treated as assets in the financial statements. Therefore the schedule does not present the financial position or results of the changes in net assets of Maryland Captial Enterprises, Inc.