Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Promise Project, Inc. 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 Promise Project, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Promise Project, Inc.
Promise Project, Inc. has received a direct loan under the Section 202 Capital Advance program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loans outstanding as of December 31, 2025 is $2,553,300.