Title: Loan and Grants Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of People's Memorial Hospital, d/b/a Buchanan County Health Center (Health Center) under programs of the federal government for the year ended June 30, 2023. The information 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 Health Center, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Health Center.
Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Health Center has not elected to use the 10% de minimis cost rate.
Expenditures reported on this schedule under the Community Facilities Loans and Grants Program consists of the beginning of the year outstanding loan balance of the Health Center’s USDA direct loans of $16,405,450. If applicable, advances made on the loans during the year are reported on the Schedule. The Health Center made no advances on the loans during the year ended June 30, 2023. The Health Center’s outstanding loan balance for the direct loan as of June 30, 2023, is $15,906,413.
Title: Provider Relief Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of People's Memorial Hospital, d/b/a Buchanan County Health Center (Health Center) under programs of the federal government for the year ended June 30, 2023. The information 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 Health Center, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Health Center.
Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Health Center has not elected to use the 10% de minimis cost rate.
The Health Center received amounts from the U.S. Department of Health and Human Services (HHS) through the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution (PRF) program (Federal Financial Assistance Listing #93.498) during the year ended June 30, 2022. The Health Center incurred eligible expenses and, therefore recognized revenue totaling $1,717,967 for the year ended June 30, 2022, on the financial statements. In accordance with the 2023 Compliance Supplement, the PRF expenditures recognized on the schedule are based on the reporting to HHS for Periods 4 and 5, defined as payments received during July 1, 2021 to June 30, 2022 of $1,717,967, plus interest earned of $1,281, as required under the PRF program.
The amount of PRF expenditures included in the schedule requires management to make estimates and assumptions that affect the reported amounts. Accordingly, such expenditures are considered a significant estimate. Estimates and assumptions may include reducing actual expenses by amounts that have been reimbursed or are obligated to be reimbursed by other sources and estimating marginal increases in expenses related to coronavirus. Actual amounts could differ from those estimates.