Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization under programs of the federal government for the year ended December 31, 2025. The information in the Schedule is presented in accordance with the requirements of the 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 financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance, which is 10-percent for awards prior to October 1, 2024, and 15-percent for awards after October 1, 2024.
Loan and Loan Subsidy Programs as of December 31, 2025: Section 515 loans (ALN 10.415) $ 4,846,549 Section 538 loans (ALN 10.438) 6,260,761 $ 11,107,310 Loan Guarantee Programs as of December 31, 2025: Section 538 (90% Guaranteed – ALN 10.438) $ 491,477 $ 491,477