Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: No funds were identified as having been provided to subrecipients by Norwood Life Society
and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are
attributable to subrecipient entities. There were no federal awards expended for noncash
assistance or insurance. Norwood Life Society has elected to use the 10% de minimis
indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal
grant activity of Norwood Life Society and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the applicable
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). The amount in the accompanying schedule represents the highest loan balances
during the year under audit. Because the schedule of expenditures of federal awards
presents only a selected portion of the operations of Norwood Life Society, it is not intended
to and does not present the financial position, changes in net assets, or cash flows of
Norwood Life Society.
Title: Note 2 Significant Accounting Policies
Accounting Policies: No funds were identified as having been provided to subrecipients by Norwood Life Society
and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are
attributable to subrecipient entities. There were no federal awards expended for noncash
assistance or insurance. Norwood Life Society has elected to use the 10% de minimis
indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No funds were identified as having been provided to subrecipients by Norwood Life Society
and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are
attributable to subrecipient entities. There were no federal awards expended for noncash
assistance or insurance. Norwood Life Society has elected to use the 10% de minimis
indirect cost rate allowable under the Uniform Guidance.
Title: Note 3 Loans Outstanding
Accounting Policies: No funds were identified as having been provided to subrecipients by Norwood Life Society
and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are
attributable to subrecipient entities. There were no federal awards expended for noncash
assistance or insurance. Norwood Life Society has elected to use the 10% de minimis
indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
See the Notes to the SEFA for chart/table