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 the cost principles contained in the Uniform Guidance and New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Vantage Health System, Inc. did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of Vantage Health System, Inc. under programs of the federal and state government 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 (the “Uniform Guidance”) and New Jersey OMB Circular Letter 15-08. Because the Schedule presents only a selected portion of operations of Vantage Health System, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vantage Health System, Inc.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Vantage Health System, Inc. did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2023, Vantage did not provide funds relating to their programs to subrecipients.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Vantage Health System, Inc. did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
As of June 30, 2023, Vantage did not have any federal loan or loan guarantee programs.