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CHILD CARE RESOURCE CENTER, INC. (A NONPROFIT ORGANIZATION)
NOTES TO FINANCIAL STATEMENTS June 30, 2015
NOTE 5 – PROPERTY AND EQUIPMENT (Continued)
Certain properties and equipment with a net carrying amount of $211,106 were acquired with federal grant funds. Under federal regulations, the federal government maintains ownership interests in these properties and equipment. Use of these properties and equipment for other than the purpose for which they were funded must be approved by the federal agencies.
NOTE 6 – LINE OF CREDIT
At June 30, 2015, CCRC had a revolving line of credit of $8,000,000, which expires on March 15, 2017. At June 30, 2015 and 2014, there were no outstanding balances on the line of credit. The effective interest rate at June 30, 2015 was 4.00% per annum. Collateral used to secure the line of credit does not include any property acquired or improved with federal funds from the DHHS – ACF for the benefit of the Head Start Program.
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