Notes to SEFA
Title: OTHER MATTERS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. William's Living Center (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amount of Noncash Assistance None Amount of Insurance None Amount of Loans Outstanding None Amount of Loan Guarantees None Amount Provided to Subrecipients None.
The USDA loans have an outstanding balance of $4,229,840 at June 30, 2023.
Title: RECONCILATION OF SEFA AND FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. William's Living Center (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The financial statements reflect revenue recognized from the Provider Relief Fund (PRF) of - $-0- and $455,407 for the years ended June 30, 2023 and 2022, respectively.
Included in the revenue recognized during the year ended June 30, 2022 is $455,407 from PRF Phase 4, General Distribution payments and American Rescue Plan Rural payments. These PRF payments were reported on during HRSA’s Period 4 reporting periods, due March 31, 2023. No funds were received in Phase 3.
The SEFA includes Provider Relief Funds of $455,407 that were received in Period 4 in accordance with the requirements of the compliance supplement for assistance listing number 93.498.