Notes to SEFA
Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Northwood Deaconess Health Center (Health Center) under programs of the federal government for the year
ended December 31, 2024. The information 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 Health Center, it is not intended to and does not present the financial position, changes in
net assets, or cash flows of the Health Center.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Health Center does not draw for indirect administrative expenses and has not elected to use the 10% de
minimis cost rate.
Expenditures reported in this Schedule consist of the beginning of the year outstanding loan balance of the
Health Center’s USDA direct loan of $1,187,345. If applicable, advances made on the loan during the year is
reported on the Schedule. The Health Center made advances of $5,646,598 on the loans during the year ended
December 31, 2024. The Health Center’s outstanding loan balance for the USDA direct loan and the construction
loan at December 31, 2024 was $1,136,453 and $5,646,598.