Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Bradley Center, Inc. (the Center) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Center.
The Schedule includes $6,134,325 received from the United States Department of Agriculture (USDA). In accordance with guidance from the USDA, these amounts represent the outstanding loans at the beginning of the audit period (i.e., the June 30, 2023, balance). There were no interest subsidies, cash, administrative cost allowances or new loans made or received during the year ended June 30, 2024 (the audit period covered by the Schedule). The balance of the loan as of June 30, 2024 amounted to $5,963,851.