Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Townsend Elderly Residences, 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 Townsend Elderly Residences, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Townsend Elderly Residences, Inc. For the year ended October 31, 2025, no awards were passed through to subrecipients.
The federal loan program listed below is administrated directly by Midland Loan Services, and balances and transactions relating to the program are included in the Corporation's basic financial statements. The loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding as of October 31, 2025 consists of: Assistance Listing Outstanding Number Program Name October 31, 2025 14.155 Section 223 - HUD Insured Mortgage $ 2,436,384