Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of WesleyLife (the Corporation) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the applicable 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
The consolidated financial statements reflect an outstanding loan balance from USDA of $15,716,614 for the years ended December 31, 2025. The Schedule includes the beginning of the year outstanding loan balance of the Corporation’s USDA direct loan and advances made during 2025. There were no advances in the year ended December 31, 2025.