Notes to SEFA
During the year ended December 31, 2025, the Organization did not provide any funds relating to its federal and state programs to subrecipients.
For the purpose of determining the value of federal or state awards expended, management has determined that there are continuing compliance requirements related to its loans. Accordingly, the value of federal or state awards expended was based on the balance of outstanding loans at the beginning of the year plus the amount of loans proceeds received during the year ended December 31, 2025.