Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: Humboldt County Memorial Hospital has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards(Schedule) includes the federal award activity of Humboldt County Memorial Hospital under programs of the federal government for the year ended June 30, 2023. 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 Humboldt County Memorial Hospital, it is not intended to and does not present the financial position, changes in financial position, or cash flows of Humboldt County Memorial Hospital.
Title: Subrecipients
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: Humboldt County Memorial Hospital has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No federal grant awards were passed through to subrecipients during the year ended June 30, 2023.
Title: Community Facilities Loans and Grants Program
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: Humboldt County Memorial Hospital has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Humboldt County Memorial Hospital had outstanding USDA direct loans of $11,805,728 as of June 30, 2023.
Title: Rural Economic Development Loan and Grant Program
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: Humboldt County Memorial Hospital has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on this Schedule under the Rural Economic Development Loan and Grant Program (REDLG Loans) consist of expenditures made on the project during the year ended June 30, 2023, up to the amount to be financed by the REDLG Loans. The outstanding loan balances on the REDLG Loans at June 30, 2023 were $0 as the funds through the program were not received from the two local cooperatives until August, 2023.