Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Schedule is based on information provided by the various funding sources of McGuire and other information available at the time this Schedule was prepared.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, McGuire did not elect 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 McGuire Memorial (McGuire) 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of McGuire, it is not intended to and does not present the financial position, changes in net assets, or cash flows of McGuire.