Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of North Olympic Healthcare Network under programs of the federal government for the year ended May 31, 2025. The information in the Schedule is presented in accordance with the requirements of 2 CFR 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 North Olympic Healthcare Network, it is not intended to and does not present the financial position, changes in net assets, or cash flows of North Olympic Healthcare Network.
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.
North Olympic Healthcare Network was approved by the United States Department of Agriculture and received a loan guarantee. The balance outstanding at the end of the period is $3,634,740.