Notes to SEFA
Title: Loan and Loan Guarantees
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. The Hospital has not elected to use the 10 percent de minimis indirect cost rate allowed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loan and loan guarantees outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Nonmonetary assistance in the form of a loan and loan guarantees are included in the Schedule. The related loan balances totaled $22,836,903 at September 30, 2023.
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. The Hospital has not elected to use the 10 percent de minimis indirect cost rate allowed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of North Canyon Medical Center, Inc. (the Hospital) under programs of the federal government for the year ended September 30, 2023. Amounts reported for the Federal Assistance Listing Number 93.498 – Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution are based on the December 31, 2022, Provider Relief Fund report. 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 Hospital, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Hospital.