Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal Awards (the Schedule) includes the federal awardactivity of Oconee Valley Healthcare, Inc. (the Clinic) under programs of the federal government for thefiscal year ended February 28, 2022. The information in this Schedule is presented in accordance with therequirements 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 Schedulepresents only a selected portion of the operations of the Clinic, it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of the Clinic.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.NOTE 3 INDIRECT COST RATEOconee Valley Healthcare, Inc. has elected not to use the ten-percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.