Notes to SEFA
Title: NOTE 1 - Basis of Presentation
Accounting Policies: NOTE 1 - Basis of Presentation; NOTE 2 - Summary of Significant Accounting Policies
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Georgia Highlands Medical Services, Inc. (the Corporation) under programs of the federal government for the year ended May 31, 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: NOTE 2 - Summary of Significant Accounting Policies
Accounting Policies: NOTE 1 - Basis of Presentation; NOTE 2 - Summary of Significant Accounting Policies
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. This method is consistent with the preparation of the Corporation’s financial statements. 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 Corporation has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. (2) The Corporation did not receive any non-cash awards during the fiscal year.