Notes to SEFA
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, 2024. 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.
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, 2024) of the HUD-insured mortgage. has a mortgage payable balance outstanding at December 31, 2024. The balance of the HUDinsured mortgage outstanding at December 31, 2024 is $7,510,500.