Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organizations financial statements for the year ended September 30, 2022. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the Organization did not elect to use the 10% de minimis cost rate as covered in ?200.414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Willis-Knighton Medical Center and Subsidiaries (the Organization or Willis-Knighton) under programs of the federal government for the year ended September 30, 2022. The information in this Schedule 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. The Organizations reporting entity is defined in Note 1 to the consolidated financial statements for the year ended September 30, 2022. The Schedule does not include two separate legal entities Multi-Faith Retirement Services d/b/a Live Oak Retirement Community and Virginia Hall Nursing Home d/b/a Progressive Care Center.
Title: Relationship to Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organizations financial statements for the year ended September 30, 2022. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the Organization did not elect to use the 10% de minimis cost rate as covered in ?200.414 of the Uniform Guidance.
Provider Relief Funds (PRF) of $33,603,555 were received during the period of July 1, 2020 to June 30, 2021 and were reported in the Consolidated Statements of Operations and Changes in Net Assets as the category CARES Act Provider Relief Fund in fiscal years ending September 30, 2020 and 2021. These Period 2 and Period 3 Provider Relief Funds are required to be reported on the Organizations September 30, 2022 Schedule, based on guidance in the 2022 Compliance Supplement. PRF amounts reported in the Schedule agree with the amounts reported in the related federal financial reports, except for the amounts in reports submitted as of a date subsequent to September 30, 2022.