Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Main South Community Development Corporation and Subsidiaries (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 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.
The Organization received loans and advances under the Community Development Block Grant (CDBG) Entitlement Grants Cluster (CDBG Cluster), CDBG State/Non-Entitlement and Lead- Based Paint Hazard Control in Privately-Owned Housing grants in prior years, which include continuing compliance requirements. The amounts reported on the Schedule reflect the outstanding balance of principal and interest as of January 1, 2025. The balance of the loans and advances outstanding as of December 31, 2025, are as follows: CDBG Cluster - Housing Stabilization Program $ 2,853,621 CDBG - State/Non-Entitlement 180,000 Lead-Based Paint Hazard Control in Privately-Owned Housing 18,000 Total $ 3,051,621