Notes to SEFA
Kulshan Community Land Trust entered into two HOME loans in April 2012 with the City of Bellingham. As of December 31, 2025 the loan balances totaled $377,543. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards. Additionally, Kulshan Community Land Trust entered into a HOME loan in November 2020 with the City of Bellingham. As of December 31, 2025 the loan balance totaled $312,000. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards.
Kulshan Community Land Trust entered into various SHOP loans acting as a pass-through for homeowners beginning in June 2015 through August 2025 with Community Frameworks. As of December 31, 2025 the total balance of all outstanding loans was $823,796. During the year ended December 31, 2025, $30,000 in loans were forgiven and recognized as other income on the statement of activities and changes in net assets. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards.