Title: Relationship to Financial Statements
Accounting Policies: General - The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the Schedules) present the activity of all federal and state programs administered by Florida Health Sciences Center, Inc. (the Center). Awards received directly from federal and state agencies, as well as those passed through other governmental agencies, are included on the Schedules. The information in the Schedules 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 (the Uniform Guidance), and Chapter 10.650, Rules of the Auditor General (Chapter 10.650). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Basis of Accounting Federal and state programs administered by the Center are accounted for within the Centers operating funds. The accompanying Schedules have been prepared on the same basis of accounting as the Centers consolidated financial statements. The Centers consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. Transactions are recorded on an accrual accounting basis. Under the accrual method, revenues are recognized when earned and expenses are recognized when a liability is incurred, without regard to receipt or payment of cash.
De Minimis Rate Used: Y
Rate Explanation: The Center elects the de minimus rate of 5% and 10% for State and Federal awards, respectively, fordetermining indirect cost amounts.
Federal awards and state financial assistance revenues are reported in the Centers consolidated financial statements as other revenue.
Title: Contingencies
Accounting Policies: General - The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the Schedules) present the activity of all federal and state programs administered by Florida Health Sciences Center, Inc. (the Center). Awards received directly from federal and state agencies, as well as those passed through other governmental agencies, are included on the Schedules. The information in the Schedules 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 (the Uniform Guidance), and Chapter 10.650, Rules of the Auditor General (Chapter 10.650). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Basis of Accounting Federal and state programs administered by the Center are accounted for within the Centers operating funds. The accompanying Schedules have been prepared on the same basis of accounting as the Centers consolidated financial statements. The Centers consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. Transactions are recorded on an accrual accounting basis. Under the accrual method, revenues are recognized when earned and expenses are recognized when a liability is incurred, without regard to receipt or payment of cash.
De Minimis Rate Used: Y
Rate Explanation: The Center elects the de minimus rate of 5% and 10% for State and Federal awards, respectively, fordetermining indirect cost amounts.
Grant monies received and disbursed by the Center are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the Center does not believe that such disallowances, if any, would have a material effect on the financial position of the Center. Management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Title: Provider Relief Fund
Accounting Policies: General - The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the Schedules) present the activity of all federal and state programs administered by Florida Health Sciences Center, Inc. (the Center). Awards received directly from federal and state agencies, as well as those passed through other governmental agencies, are included on the Schedules. The information in the Schedules 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 (the Uniform Guidance), and Chapter 10.650, Rules of the Auditor General (Chapter 10.650). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Basis of Accounting Federal and state programs administered by the Center are accounted for within the Centers operating funds. The accompanying Schedules have been prepared on the same basis of accounting as the Centers consolidated financial statements. The Centers consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. Transactions are recorded on an accrual accounting basis. Under the accrual method, revenues are recognized when earned and expenses are recognized when a liability is incurred, without regard to receipt or payment of cash.
De Minimis Rate Used: Y
Rate Explanation: The Center elects the de minimus rate of 5% and 10% for State and Federal awards, respectively, fordetermining indirect cost amounts.
As required by the granting agency, the accompanying amounts presented in the schedule of expenditures of federal awards represent lost revenues as reported to the U.S. Department of Health and Human Services for the period July 1, 2020 to December 31, 2020 and the period of January 1, 2021 to June 30, 2021.