Notes to SEFA
Expenditures reported in this consolidated schedule consist of three separate loans. For the first two loans, 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 balances as of June 30, 2024 for these two loans were $460,814 and $868,987, respectively. The third loan is guaranteed by the United States Department of Agriculture (USDA) for up to 90% of the loan principal. Total expenditures reported represents 90% of the beginning of the year outstanding loan balances plus 9% of advances made on the loan during the year, if applicable. The outstanding balance as of June 30, 2024 for this loan was $484,457, of which 90% totals $436,011.