Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Hubbardston Elderly Housing, Inc. (the "Corporation") under programs of the federal government for the year ended October 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. For the year ended October 31, 2025, no awards were passed through to subrecipients.
The federal loan program listed below is administered directly by PNC Bank, National Association and Lument, and balances and transactions relating to the program are included in the Corporation's basic financial statements. The loan balances outstanding at the beginning of the year as well as any current year proceeds received is included in the federal expenditures presented in the Schedule. Hubbardston Elderly Housing, Inc. received one additional loan during the year as a result of the aforementioned refinance. The balance of loans outstanding as of October 31, 2025 consists of: Assistance Listing Outstanding Number Program Name October 31, 2025 14.155 Section 223 HUD-Insured Mortgage (a) $ 2,190,940 14.155 Section 223 HUD-Insured Mortgage (b) - $ 2,190,940