Notes to SEFA
This accompanying schedule includes the federal award activity of Anne Carlsen under programs of the federal government for the year then ended December 31, 2025. 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 Anne Carlsen, it is not intended to and does not present the financial position, change in net assets, or cash flows of Anne Carlsen.
Expenditures reported on the SEFA consist of the beginning of the year outstanding loan balances. The outstanding balance at December 31, 2025 under a federal loan program: (see Table in Notes to SEFA) The following schedule ties the federal awards as stated on the SEFA to the notes payable presented in NOTE 15 of the consolidated financial statements: (See Table in Notes to SEFA)