Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Home has elected not to use the 10-percent de minimus indirect cost rate allowable under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal award activity of Norwegian Christian Home and Health Center (the “Home”)
under programs of the federal government for the year ended December 31, 2023.
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 the Home, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the Home.
Title: Non-Cash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Home has elected not to use the 10-percent de minimus indirect cost rate allowable under the Uniform Guidance.
The Home’s Schedule of Expenditures of Federal Awards consists of a HUD-insured
mortgage which is classified as a Non-Cash Award (“Non-Cash Award”). The basis
used to determine the value of the Non-Cash Award is equal to the value of the
beginning balance (January 1, 2023) of the HUD-insured mortgage. has a mortgage
payable balance outstanding at December 31, 2023. The balance of the HUDinsured
mortgage outstanding at December 31, 2023 is $8,837,736.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Home has elected not to use the 10-percent de minimus indirect cost rate allowable under the Uniform Guidance.
The Home has elected not to use the 10-percent de minimus indirect cost rate
allowable under the Uniform Guidance.