Title: Note 1: Basis of Presentation
Accounting Policies: With the exception of expenditures related to the American Rescue Plan (ARP) Rural Distribution Funds, expenditures on the Schedule are reported on the accrual basis of accounting and 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. The ARP Rural Distribution Funds are not subject to cost principles requirements contained in the Uniform Guidance. Expenditures reported on the Schedule for ARP Rural Distribution Funds are based on the ARP period of availability, terms and conditions of the ARP program, and amounts reported in the ARP portal for the reporting period 3, due September 30, 2022 and reporting period 4, due March 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Munising Memorial Hospital Association and Affiliate (collectively referred to as the “Organization”). 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”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note 4: Subrecipients
Accounting Policies: With the exception of expenditures related to the American Rescue Plan (ARP) Rural Distribution Funds, expenditures on the Schedule are reported on the accrual basis of accounting and 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. The ARP Rural Distribution Funds are not subject to cost principles requirements contained in the Uniform Guidance. Expenditures reported on the Schedule for ARP Rural Distribution Funds are based on the ARP period of availability, terms and conditions of the ARP program, and amounts reported in the ARP portal for the reporting period 3, due September 30, 2022 and reporting period 4, due March 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization passed no federal awards through to subrecipients.
Title: Note 5: Balance of Outstanding Loan
Accounting Policies: With the exception of expenditures related to the American Rescue Plan (ARP) Rural Distribution Funds, expenditures on the Schedule are reported on the accrual basis of accounting and 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. The ARP Rural Distribution Funds are not subject to cost principles requirements contained in the Uniform Guidance. Expenditures reported on the Schedule for ARP Rural Distribution Funds are based on the ARP period of availability, terms and conditions of the ARP program, and amounts reported in the ARP portal for the reporting period 3, due September 30, 2022 and reporting period 4, due March 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization had an outstanding loan with USDA as of March 31, 2023, with a balance of $7,834,155. The loan balance outstanding at the beginning of the year was included in the federal expenditures presented in the Schedule. There were no new loans received during the year ended March 31, 2023.