Notes to SEFA
The federal loan programs listed below are administered directly by Loan Fund and ECD as noted below and the balances and transactions related to these programs are included in Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates' consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2025, consists of:
The U.S. Department of Education has awarded total grants of $8,000,000 to Loan Fund to credit enhance the loans made by it to stimulate the financing of charter schools. The grant funds are to remain invested in separate grant reserve accounts in accordance with the requirements of the grant. Such financial assistance is considered federal awards expended based on the amounts in the reserve accounts at the beginning of the grantee's fiscal year; plus, any new funds received; plus, investment earnings received in the grantee's fiscal year to add to the reserve account; less, any application of the grants resulting from the credit enhancements provided. Cumulative application of grant funds to cover credit enhancements losses from program inception to December 31, 2025, were $0. The reserve account balance as of December 31, 2025, is $8,918,637 consisting of the grant balance of $8,000,000 and accumulated net investment earnings of $918,637, of which $107,874 was earned in 2023, $439,030 was earned in 2024, and $371,733 was earned in 2025.