Notes to SEFA
The accompanying Schedule is presented using the accrual basis of accounting.
The Corporation has a 2.69% mortgage note payable insured by the U.S. Department of Housing and Urban Development (HUD) in the amount of $4,243,437 and $4,363,650, respectively, at December 31, 2025 and 2024. The Note is payable in monthly installments of $19,676 (including principal and interest) through August 1, 2050. The Note is secured by substantially all real property of the Corporation. Loans outstanding at the beginning of the year plus loans made during the year are included in the federal expenditures presented in the accompanying schedule.