Notes to SEFA
The Board did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2025.
During the year ended September 30, 2025 the Board had no sub-recipients.
Grant monies received and disbursed by the Board are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Board does not believe that such disallowance, if any, would have a material effect on the financial position of the Board.
The Board is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds.