Notes to SEFA
Title: NOTE B - PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of NORA, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2023, NORA did not elect to use the 10% de minimis cost rate.
The acompanying schedule of expenditures of federal awards covers the fiscal year ended December 31, 2023.
Title: NOTE D - LOAN AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of NORA, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2023, NORA did not elect to use the 10% de minimis cost rate.
NORA did not expend federal awards related to loans or loan guarantees during the year ended December 31, 2023. NORA had no loans outstanding at the year ended December 31, 2023.
Title: NOTE E - FEDERAL FUNDED INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of NORA, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2023, NORA did not elect to use the 10% de minimis cost rate.
NORA has no federally funded insurance.
Title: NOTE F - NONCASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of NORA, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2023, NORA did not elect to use the 10% de minimis cost rate.
NORA did not receive any federal noncash assistance for the year ended December 31, 2023.