Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SIGNIFICANT ACCOUNTING POLICIES No funds were identified as having been provided to subrecipients by the System 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. The System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The System 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 Spooner Health System (the System) 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). Because the schedule of expenditures of federal awards presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, changes in net position, or cash flows of the System.
Title: NOTE 3 RECONCILIATION OF SEFA AND FINANCIAL STATEMENTS
Accounting Policies: NOTE 2 SIGNIFICANT ACCOUNTING POLICIES No funds were identified as having been provided to subrecipients by the System 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. The System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The financial statements reflect revenue recognized from the Provider Relief Fund (PRF) for the years ended March 31, 2023 and 2022 of approximately $379,000 and $893,000, respectively. The SEFA includes Provider Relief Funds of $721,326 that were received in Period 4 in accordance with the requirements of the compliance supplement for assistance listing number 93.498. Of the amount reflected in revenue for the year ended March 31, 2022, approximately $553,000 was related to Period 1 reporting and as a result is not included in the SEFA for the year ended March 31, 2023. The financial statements reflect revenue from the SHIP grant of approximately $258,000 for the year ended March 31, 2023.