Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Minford Gardens Housing Development Fund Company, Inc., HUD Project No. 012-EE-027 NY 36-S911-027, under programs of the federal government for the year ended December 31, 2025. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Minford Gardens Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Minford Gardens Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2025, consists of: AL Number 14.157 Program Name Section 202 direct loan Outstanding Balance at December 31, 2025 $ 7,646,500