Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Madison Development Corporation 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Madison Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Madison Development Corporation.
Madison Development Corporation has received the federal loan programs listed below. The loans outstanding at the beginning of the year and current year draws are included in the federal expenditures presented in the Schedule. The balances of the loans outstanding at December 31, 2025 are: