Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying Consolidated Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Memorial Hospital and the entities operating under common control, Hancock County Senior Services Association and Hancock County Supportive Living Facility (collectively, Memorial Hospital Association and Affiliates), (Organization) under programs of the federal government for the year ended December 31, 2022. 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). The Organization received federal awards both directly from federal agencies and indirectly through pass-through entities. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.Significant Accounting PoliciesExpenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and 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 Hancock County Senior Services Associations two direct USDA loans of $3,645,529 and 1,921,063, as well as Memorial Hospitals USDA direct loan of $2,599,669. If applicable, advances made on the loans during the year are reported on the Schedule. The Organization made no advances on the loans during the year ended December 31, 2022. The Hancock County Senior Services Associations outstanding loan balance as of December 31, 2022, are $3,536,796 and $1,867,582. The Memorial Hospitals outstanding loan balance as of December 31, 2022, is $2,527,380. In addition to outstanding loans the Community Facilities Loans and Grants Program reported $334,927 of current expenditures related to the USDA Track One grant.
Title: Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution
Accounting Policies: Basis of PresentationThe accompanying Consolidated Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Memorial Hospital and the entities operating under common control, Hancock County Senior Services Association and Hancock County Supportive Living Facility (collectively, Memorial Hospital Association and Affiliates), (Organization) under programs of the federal government for the year ended December 31, 2022. 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). The Organization received federal awards both directly from federal agencies and indirectly through pass-through entities. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.Significant Accounting PoliciesExpenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The Organization 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 #93.948) during the year ended December 31, 2021. The Organization incurred eligible expenditures and therefore, recognized revenues totaling $635,591 and $262,636 for the years ended December 31, 2022 and 2021, respectively, on the consolidated financial statements. However, the PRF expenditures were not recognized on the Schedule until the expenditures were included in the reporting to HHS, as required under the PRF program. This resulted in $898,227 being recognized in the Schedule for the year ended December 31, 2022.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.