Title: Basis of Presentation
Accounting Policies: Expenditures and lost revenues reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal grant activity of Beaufort Memorial Hospital (the “Hospital”) under programs of the federal government for the year ended September 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). All federal awards received directly and indirectly from federal agencies are included in the SEFA. Because the SEFA presents only a selected portion of the operations of the Hospital, it is not intended to and does not present the financial position, changes in net position or cash flows of the Hospital.
Title: Basis of Accounting
Accounting Policies: Expenditures and lost revenues reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As outlined in the May 2023 OMB Compliance Supplement, the amounts reported in the accompanying SEFA related to the Provider Relief Fund (“PRF”) and American Rescue Plan (“ARP”) Rural Distribution, Assistance Listing No. 93.498, are reported based upon the PRF reporting portal submission guidelines established by the Health Resource and Service Administration (“HRSA”). Nine separate reporting periods were established by HRSA based on the dates of receipt of PRF payments. Each reporting period has a specific period of availability which begins on January 1, 2020 and extends through specified deadlines, as indicated below:
The accompanying SEFA includes those qualifying expenditures and lost revenues that were reported in the HRSA PRF portal for Period 4. The total amount of $23,214,250 in PRF payments was recognized by the Hospital as nonoperating income totaling $13,836,843, $8,089,228 and $1,288,179 during the fiscal years ended September 30, 2022, 2021, and 2020, respectively.
Title: Contingencies
Accounting Policies: Expenditures and lost revenues reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Hospital’s federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect its continued participation in specific programs. The amount, if any, of expenditures, which may be disallowed by the grantor agencies, cannot be determined at this time. However, the Hospital expects such amounts, if any, to be immaterial.
Title: Categorization of Expenditures
Accounting Policies: Expenditures and lost revenues reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The categorization of expenditures by program included in the SEFA is based upon the grant documents. Changes in the categorization of expenditures occur based upon revisions to the Assistance Listing, which is typically issued in June and December of each year. The SEFA for the year ended September 30, 2023 reflects Assistance Listing changes issued through May 2023.