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CHARLES HOUSE ASSOCIATION <br />Notes to Financial Statements <br />NOTE 9 - CONCENTRATIONS <br />NOTE 10 - RELATED PARTY TRANSACTIONS <br />NOTE 11 - LONG-TERM DEBT <br />2024 36,447$ <br />2025 37,014 <br />2026 38,457 <br />2027 39,956 <br />2028 41,515 <br />Thereafter 167,413 <br />360,802$ <br />NOTE 12 - CONTINGENCIES <br />It is not unusual for members of the Board of Directors to make contributions to the Organization.The <br />amounts involved for the years presented are not considered material to the financial statements taken <br />as a whole. <br />The Organization maintains cash balances at various financial institutions.The Organization's <br />accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC)up to <br />$250,000 and may at times exceed the federally insured limits.The Organization has never <br />experienced any losses in such accounts.At December 31,2023,no cash was in excess of FDIC <br />limits. <br />On May 8,2017,First Citizens Bank and Trust Company issued a promissory note to the Organization <br />at 4.55%interest with monthly installments of $4,121,based on a 15-year amortization schedule and <br />secured by real property.The loan was modified on February 14,2020 and now carries an interest rate <br />of 3.85%with monthly installments of $3,942.All remaining principal and accrued interest is due on <br />May 8, 2032. <br />Financial assistance from various awarding agencies is subject to special audit.Such audits could <br />result in claims against the Organization for disallowed costs or noncompliance with grantor <br />restrictions.Management is not aware of any disallowable costs or instances of noncompliance with <br />grantor restrictions.Consequently,no provision has been made for liabilities,if any,that may arise <br />from such audits. <br />In June 2020,the Organization also received an Economic Injury Disaster Loan (EIDL)of $25,000 <br />from the SBA at an interest rate of 2.75%per annum.Repayments of $107 per month over thirty years <br />were deferred until January 2023. <br />Future maturities of all long-term debt are as follows: <br /> <br />Page 13 <br />Docusign Envelope ID: FE6E03E9-3378-4BE8-B2E5-0623619296B7