Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: No funds were identified as having been provided to subrecipients by the Medical Center and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance.
De Minimis Rate Used: Y
Rate Explanation: The Medical Center has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Medical Center, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 amount in the accompanying schedule represents the highest loan balances during the year under audit. The outstanding loan balances at June 30, 2023 was $26,093,924. Because the schedule of expenditures of federal awards presents only a selected portion of the operations of the Medical Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Medical Center.