Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Berean Housing Development Fund Company, Inc., Berean Houses under programs of the federal government for the year ended September 30, 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 Berean Housing Development Fund Company, Inc., Berean Houses, it is not intended to and does not present the financial position, changes in net assets or cash flows of Berean Housing Development Fund Company, Inc., Berean Houses.
Berean Housing Development Fund Company, Inc., Berean Houses has received a US Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional loans received during the year. The balance of the loan outstanding as of September 30, 2025 is $6,758,276.