Notes to SEFA
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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards for the year ended June 30, 2023 includes the federal grant activity that UofL Health, Inc. (the “Corporation”) received and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
Title: Fair Market Value of Donated Personnel Protective Equipment (Unaudited)
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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2023, the Corporation did not receive donated personnel protective equipment from federal sources.
Title: Provider Relief Funds
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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Under the terms and conditions of the Provider Relief Fund (PRF), the Corporation was required to report the Coronavirus (COVID-19) related expenses and lost revenues to the U.S. Department of Health and Human Services (HHS)/Health Resources and Services Administration (HRSA). Guidance from HHS/HRSA has required the reporting of the COVID-19 related expenses and lost revenues in certain reporting periods based on when the funds were received. In 2023, the SEFA includes PRF of $12,166,508, which was received by the Corporation between July 1, 2021, and June 30, 2022, the date designated by HHS/HRSA for its fourth and fifth PRF reporting periods. The Corporation recognized $13,389,372 and $20,150,508 as revenue in its 2023 and 2022 consolidated statements of operations and changes in net assets respectively, as the terms and conditions of the PRF grant was satisfied by the Corporation. HHS/HRSA required $12,166,508 to be reported on the 2023 SEFA.