Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Corporation has elected not to use the 10% de minimis indirectcost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards for the year ended June 30, 2022 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 arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Corporation has elected not to use the 10% de minimis indirectcost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2022, 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 arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Corporation has elected not to use the 10% de minimis indirectcost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 thefunds were received. In 2022, the SEFA includes PRF of $49,528,698, which was received by the Corporation prior to June 30, 2021, the date designated by HHS/HRSA for its second and third PRF reporting period. The Corporation recognized $19,749,236 and $88,189,043 as revenue in its 2022 and 2021 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 $49,528,698 to be reported on the 2022 SEFA.