Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Building Charters Fund, Inc. (“BCF”), 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 BCF, it is not intended to and does not present the consolidated financial position, consolidated changes in net assets or consolidated cash flows of BCF.
Nonmonetary assistance is reported in the Schedule based on the amount disbursed or received. BCF received no nonmonetary assistance for the year ended December 31, 2025.
In September 2022, BCF was awarded $12,000,000 (“DOE Grant 1”) from the U.S. Department of Education (“U.S. DOE”) under their Credit Enhancement for Charter School Facilities Program (the “Program”). The DOE Grant 1 covers the performance period of August 1, 2022 to September 30, 2048 as stipulated in the grant award notification. On March 19, 2025, BCF received an additional award of $17,300,00 (“DOE Grant 2”) from the U.S. DOE under the Program. The DOE Grant 2 covers the performance period of August 1, 2024 to September 30, 2049 as stipulated in the grant award notification. During the year ended December 31, 2025, $875,912 of interest income was earned on both DOE Grant 1 and DOE Grant 2 and remained in segregated brokerage accounts consistent with the terms of the awards. During the year ended December 31, 2025, $86,500 of the credit enhancement award balance was withdrawn for operating costs of administering the grant, in accordance with the DOE Grant 2 agreement.