Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Arkansas Methodist Hospital Corporation and Subsidiaries d/b/a Arkansas Methodist Medical Center ("the Medical Center") under programs of the federal government for the year ended June 30, 2023. 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 Medical Center, it is not intended to and does not present the financial position, changes in net positions, or cash flows of the Medical Center.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Note 3. Indirect Cost Rate
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Medical Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4. Subsidiaries Not Included in the Schedule
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Arkansas Methodist Medical Center Retirement Community, Inc. d/b/a Chateau on the Ridge, is a subsidiary of the Medical Center; however, their federal awards are not included in the Schedule. This entity is regulated by the U.S. Department of Housing and Urban Development and, as such, is required to undergo a separate individual single audit. The federal awards expensed by this fund and reported in the respective schedule of expenditures of federal awards for the year ended June 30, 2023 are as follows:
CFDA
Number
Program Name
Federal Expenditures
Chateau on the Ridge
14.129
Mortgage Insurance Nursing Homes, Intermediate Care
Facilities Board and Care Homes and Assisted Living
Facilities (Section 232)
$
8,617,293