Title: NOTE 1 - GENERAL
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared in accordance with the accrual basis of accounting. The Schedule includes the expenditures of Covenant Health and Community Services, Inc., whose Tax Identification Number is 46-5132177.
Provider Relief Fund and American Rescue Plan Rural Distribution – Assistance Listing Number 93.498:
For the HHS awards related to the Provider Relief Fund (“PRF”) and American Rescue Plan (“ARP”) Rural Distribution program, HHS has indicated the amounts on the Schedule be reported corresponding to reporting requirements of the HRSA PRF Reporting Portal. Payments from HHS for PRF are assigned to “Payment Received Periods” (each, a Period) based upon the date each payment from the PRF was received. Each Period has a specified Period of Availability and timing of reporting requirements. Entities report into the HRSA PRF Reporting Portal after each Period’s deadline to use the funds (i.e., after the end of the Period of Availability).
The Schedule includes $3,116,893 received from HHS between April 10, 2020 through June 30, 2020 and $312 in interest earnings thereon. In accordance with guidance from HHS, these amounts are presented as Period 1. Such amounts were recognized as income in the Organization’s financial statements as shown in the Schedule during the year ended December 31, 2020.
Indirect Cost Rate:
The Organization neither has an indirect cost agreement nor uses the 10% de minimis indirect cost rate.
Subsequent Events:
The Schedule and related disclosures include evaluation of events through March 28, 2024, which is the date the Schedule was available to be issued.
De Minimis Rate Used: N
Rate Explanation: No allocated overhead
Covenant Health and Community Services, Inc. (the “Organization”) is a health system caring for patients across Florida through hospitals, outpatient facilities, home health, and preventative services. Federal funds were received in awards from the U.S. Department of Health and Human Services (“HHS”), including through federal programs established by legislation issued in response to the COVID-19 pandemic (e.g. Coronavirus Aid, Relief, and Economic Security (“CARES”) Act or the American Rescue Plan (“ARP”).
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared in accordance with the accrual basis of accounting. The Schedule includes the expenditures of Covenant Health and Community Services, Inc., whose Tax Identification Number is 46-5132177.
Provider Relief Fund and American Rescue Plan Rural Distribution – Assistance Listing Number 93.498:
For the HHS awards related to the Provider Relief Fund (“PRF”) and American Rescue Plan (“ARP”) Rural Distribution program, HHS has indicated the amounts on the Schedule be reported corresponding to reporting requirements of the HRSA PRF Reporting Portal. Payments from HHS for PRF are assigned to “Payment Received Periods” (each, a Period) based upon the date each payment from the PRF was received. Each Period has a specified Period of Availability and timing of reporting requirements. Entities report into the HRSA PRF Reporting Portal after each Period’s deadline to use the funds (i.e., after the end of the Period of Availability).
The Schedule includes $3,116,893 received from HHS between April 10, 2020 through June 30, 2020 and $312 in interest earnings thereon. In accordance with guidance from HHS, these amounts are presented as Period 1. Such amounts were recognized as income in the Organization’s financial statements as shown in the Schedule during the year ended December 31, 2020.
Indirect Cost Rate:
The Organization neither has an indirect cost agreement nor uses the 10% de minimis indirect cost rate.
Subsequent Events:
The Schedule and related disclosures include evaluation of events through March 28, 2024, which is the date the Schedule was available to be issued.
De Minimis Rate Used: N
Rate Explanation: No allocated overhead
Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared in accordance with the accrual basis of accounting. The Schedule includes the expenditures of Covenant Health and Community Services, Inc., whose Tax Identification Number is 46-5132177.
Provider Relief Fund and American Rescue Plan Rural Distribution – Assistance Listing Number 93.498:
For the HHS awards related to the Provider Relief Fund (“PRF”) and American Rescue Plan (“ARP”) Rural Distribution program, HHS has indicated the amounts on the Schedule be reported corresponding to reporting requirements of the HRSA PRF Reporting Portal. Payments from HHS for PRF are assigned to “Payment Received Periods” (each, a Period) based upon the date each payment from the PRF was received. Each Period has a specified Period of Availability and timing of reporting requirements. Entities report into the HRSA PRF Reporting Portal after each Period’s deadline to use the funds (i.e., after the end of the Period of Availability).
The Schedule includes $3,116,893 received from HHS between April 10, 2020 through June 30, 2020 and $312 in interest earnings thereon. In accordance with guidance from HHS, these amounts are presented as Period 1. Such amounts were recognized as income in the Organization’s financial statements as shown in the Schedule during the year ended December 31, 2020.
Indirect Cost Rate:
The Organization neither has an indirect cost agreement nor uses the 10% de minimis indirect cost rate.
Subsequent Events:
The Schedule and related disclosures include evaluation of events through March 28, 2024, which is the date the Schedule was available to be issued.