Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Level Field Facilities Fund, Inc., LFF Fund LLC and LFF Fund II LLC (collectively, the “Organization”) under programs of the federal government for the year 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 the Organization, it is not intended to and does not present the consolidated financial position, consolidated changes in net assets, or consolidated cash flows of the Organization.
Nonmonetary assistance is reported in the Schedule based on the amount disbursed or received. The Organization received no nonmonetary assistance for the year ended December 31, 2025.
In September 2024, the Organization was awarded $20,000,000 (the “Grant”) from the U.S. Department of Education (“U.S. DOE”) under their Credit Enhancement of Charter School Facilities Program (the “Program”). The Grant covers the performance period of October 1, 2024 to September 30, 2049 as stipulated in the grant award notification. On April 17, 2025, the Organization received the $20,000,000 from the U.S. DOE and deposited the grant funds into a segregated investment account in compliance with the investment guidelines under the Program. During the year ended December 31, 2025, $201,710 of interest income was earned on the grant and remained in the segregated investment accounts consistent with the terms of the award.