Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Hanover Legion Elderly Housing 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 Hanover Legion Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Hanover Legion Elderly Housing Corporation.
The federal loan program listed below is administered directly by Hanover Legion Elderly Housing Corporation, and balances and transactions relating to these programs are included in Hanover Legion Elderly Housing Corporation's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule The balance of loans outstanding as of December 31, 2025 consists of $2,670,525 for the Housing Finance Agencies ("HFA") Risk-Sharing program (federal assistance listing number 14.188), of which 75% is insured by HUD.