Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Southeast Community Capital Corporation and Subsidiaries d/b/a Pathway Lending (the Corporation) under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 Part 200. Because the Schedule presents only a selected portion of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation did not pass any federal grant funds to subrecipients.
The Corporation repaid all federal loans during the current year and therefore there is no outstanding balance at December 31, 2025.