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 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 financial position, changes in net assets, or cash flows of the Organization.
Annually, the Organization reports on its Schedule of Expenditures of Federal Awards (SEFA) the total outstanding balances of grants still under compliance requirement to its various Federal awards, as of the beginning of the year. The balances on the SEFA will increase with new loans granted by awarding agencies, and decrease as principal balances are paid back. The balances outstanding at December 31, 2025 and 2024 were $2,161,425 and $2,262,927, respectively.