Notes to SEFA
Title: Community Facilities Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of North Valley 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 on 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 on this Schedule consists of the beginning of the year outstanding loan balance of the
Health Center’s USDA loans. If applicable, advances made on the loans during the year are reported on the
Schedule. The Health Center’s outstanding loan balance for the USDA loans as of December 31, 2024 was
$11,372,601.