Title: 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: Stormont-Vail has elected not to use the 10% 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 Stormont-Vail HealthCare, Inc. and Affiliates (Stormont-Vail) for the year ended September 30, 2023. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
For purposes of the Schedule, federal awards include all federal assistance entered into directly between Stormont-Vail and the federal government and sub-awards from nonfederal organizations made under federally sponsored agreements. The Schedule does not include payments received under Medicare and Medicaid reimbursement programs. Because the Schedule presents only a selected portion of the activities of Stormont-Vail, it is not intended to, and does not, present the net assets, changes in net assets or cash flows of Stormont-Vail.
Title: 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: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Subrecipients
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: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
None of the federal expenditures presented in the Schedule were provided to subrecipients during the year ended September 30, 2023.
Title: Noncash Assistance, Insurance, Loans and Loan Guarantees Outstanding
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: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Stormont-Vail did not receive any noncash assistance during the year ended September 30, 2023. There were no federal awards expended for insurance or any loans or loan guarantees outstanding as of September 30, 2023.
Title: Provider Relief Fund
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: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Under the terms and conditions of the Provider Relief Fund (PRF) and American Rescue Plan (ARP) Rural Distribution Program (ALN 93.498) Stormont-Vail is required to report COVID-19 related expenses and lost revenue to the U.S. Department of Health and Human Services (HHS). Guidance from HHS has required the reporting of the COVID-19 related expenses and lost revenue in certain reporting periods based on when the funds were received. The September 30, 2023 Schedule includes PRF expenditures of $6,694,963.
PRF distributions were received from July 1, 2021 to December 31, 2021 as follows:
Stormont-Vail HealthCare, Inc. $ 6,686,556
Interest earned on PRF payments 8,407
Total PRF revenue $ 6,694,963
Stormont-Vail recognized the $6,686,556 Period 4 provider relief funding received as revenue in its
September 30, 2022 consolidated financial statements, as the terms and conditions of the PRF grant
were satisfied during the year then ended.