Notes to SEFA
Title: Summary of Significant Accounting Policies for the Schedule
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the activity of Vanderbilt University Medical Center (VUMC) under programs of the federal government and of the State of Tennessee for the year ended June 30, 2023. The information in the 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) and the State of Tennessee Audit Manual. For purposes of the Schedule, federal and state awards include all grants, contracts, and similar agreements entered into directly between VUMC and agencies and departments of the federal government and all subawards to VUMC by organizations pursuant to federal grants, contracts, and similar agreements, and agencies and departments of the Tennessee state government, including federal awards passed through by the state of Tennessee.
De Minimis Rate Used: N
Rate Explanation: VUMC did not use the de minimis cost rate.
For purposes of the Schedule, expenditures for federal and state programs are recognized on the accrual basis, which is consistent with accounting principles generally accepted in the United States of America. Expenditures for federal and state awards of VUMC are determined using the cost accounting principles and procedures set forth in the Uniform Guidance and the State of Tennessee Audit Manual. Under these cost principles, certain expenditures are not allowable or are limited as to reimbursement. Negative amounts represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: COVID-19 Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution (Assistance Listing No. 93.498) Reporting Periods 4 and 5
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the activity of Vanderbilt University Medical Center (VUMC) under programs of the federal government and of the State of Tennessee for the year ended June 30, 2023. The information in the 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) and the State of Tennessee Audit Manual. For purposes of the Schedule, federal and state awards include all grants, contracts, and similar agreements entered into directly between VUMC and agencies and departments of the federal government and all subawards to VUMC by organizations pursuant to federal grants, contracts, and similar agreements, and agencies and departments of the Tennessee state government, including federal awards passed through by the state of Tennessee.
De Minimis Rate Used: N
Rate Explanation: VUMC did not use the de minimis cost rate.
The Schedule includes $68.1 million received from the Department of Health and Human Services (HHS) between July 1, 2021 and June 30, 2022 under the Provider Relief Fund (PRF) program Assistance Listing No. 93.498. In accordance with guidance from HHS, the amounts in the Schedule were reported in Reporting Periods 4 and 5 in the HHS Reporting Portal. Such amounts were recognized as other operating revenue in VUMC’s consolidated financial statements in the accompanying consolidated statement of operations and changes in net assets for the year ended June 30, 2023. Due to the PRF Reporting Portal requirements, these amounts are not the total PRF received and/or recognized by VUMC as other operating revenue in VUMC’s consolidated financial statements for the year ended June 30, 2023. The amount presented on the Schedule for PRF is for the fiscal year ended June 30, 2023. The amount presented reconciles to the PRF information reported to HHS. See the notes to the SEFA for chart/table.