Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of TG 305, Inc., HUD Project No. 115-35464, 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 . Because the Schedule presents only a selected portion of the operations of TG 305, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of TG 305, Inc. For the year ended December 31, 2025, no awards were passed-through to subrecipients.
The Mark-to-Market program consists of a mortgage restructuring note. The following schedule reconciles expenditures per the Schedule to the note payable reported in the financial statements: Federal Assistance Listing Number Program Name Outstanding Loan Balance at December 31, 2025 14.197 HUD Multi-family Assisted Housing Reform & Affordability Act mark-to-market program, mortgage restructuring note $ 638,110 Less: Discount (190,656) Estimated net present value of the note payable $ 447,454
The Corporation has received a United States Department of Housing and Urban Development direct loan under Section 223(a)(7) of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditure presented in the above Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of: Federal Assistance Listing Number Program Name Outstanding Loan Balance at December 31, 2025 14.135 Mortgage Insurance Rental and Cooperative Housing for Moderate income families and elderly, market interest rate - Section 223 (a)(7) $ 305,293