Notes to SEFA
Subsidiaries receiving federal awards which are included in the schedule of expenditures of federal awards are as follows: •Harlem Community Development Corporation •New York Empowerment Zone Corporation
The schedule of expenditures of federal awards does not include $4,869,063 in federal expenditures of LMDC, a subsidiary of New York State Urban Development Corporation. LMDC has elected to have a separate audit performed in accordance with the requirements of the Uniform Guidance.
The Corporation has included $24,194,273 from revolving loan funds with State Small Business Credit Initiative (SSBCI) funds in the schedule of expenditures of federal awards. The loan fund activity as required by the U.S. Department of Commerce for the year ended March 31, 2025 is as follows: SSBCI loan balances at the beginning of the year $ 9,860,939 Additions 14,333,334 SSBCI loan balances at the end of the year $ 24,194,273