Notes to SEFA
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Christ Hospital Health Network (the Network) and is presented using the accrual basis of accounting. The information in the schedule of expenditures of federal awards 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).
De Minimis Rate Used: Both
Rate Explanation: The Network has elected to utilize the 10 percent de minimis indirect cost rate allowed by the Uniform Guidance for a portion of the Cardiovascular Diseases Research (Assistance Listing No. #93.837) awards only. Outside of these awards, the 10 percent de minimis indirect cost rate was not applied.
The Christ Hospital College of Nursing and Health Sciences (the College of Nursing), a subsidiary of the Network, acts as the intermediary for students participating in the Federal Direct Student Loans Program (Assistance Listing No. 84.268, which includes subsidized and unsubsidized loans, as well as Parent Loan for Undergraduate Students (PLUS)) of the federal government. The federal government is responsible for billing and collections of these loans. The College of Nursing assists the federal government by processing the applications and applying funds to student accounts from the federal government. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2023, related to the Federal Direct Student Loans Program are considered current year federal expenditures, whereas the outstanding loan balances are not. The new loans issued during the fiscal year ended June 30, 2023, totaled $4,679,947, and are summarized as follows: See Notes to the SEFA for chart/table.
Title: COVID-19 Provider Relief Fund (Assistance Listing No. 93.498)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Christ Hospital Health Network (the Network) and is presented using the accrual basis of accounting. The information in the schedule of expenditures of federal awards 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).
De Minimis Rate Used: Both
Rate Explanation: The Network has elected to utilize the 10 percent de minimis indirect cost rate allowed by the Uniform Guidance for a portion of the Cardiovascular Diseases Research (Assistance Listing No. #93.837) awards only. Outside of these awards, the 10 percent de minimis indirect cost rate was not applied.
The Schedule includes $2,712,742 received from the U.S. Department of Health and Human Services (HHS) between July 1, 2021 and June 30, 2022 under the Provider Relief Fund (PRF) program of Assistance Listing Number 93.498. In accordance with guidance from HHS, these amounts are presented as Period 4 in the HHS PRF Reporting Portal (with no Period 5 Portal submission required, as no Provider Relief Funds were received in the related period). This amount was recognized as other revenue in the consolidated financial statements in the accompanying consolidated statement of operations and changes in net assets for the year ended June 30, 2022.