Notes to SEFA
Title: Note 1: General
Accounting Policies: Note 2: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
Ridgecrest Regional Hospital, Subsidiary, and Affiliate has elected 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 grant activity of Ridgecrest Regional Hospital, Subsidiary, and Affiliate under programs of the federal governments for the year ended December 31, 2023. The information in this schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations 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 Ridgecrest Regional Hospital, Subsidiary, and Affiliate, it is not intended to and does not present the financial position, changes in net assets or cash flows of Ridgecrest Regional Hospital, Subsidiary, and Affiliate.
Title: Note 4: Sub-Recipients
Accounting Policies: Note 2: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
Ridgecrest Regional Hospital, Subsidiary, and Affiliate has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Ridgecrest Regional Hospital, Subsidiary, and Affiliate does not have any sub-recipients of federal awards.
Title: Note 5: Loan Program
Accounting Policies: Note 2: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
Ridgecrest Regional Hospital, Subsidiary, and Affiliate has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in this Schedule consist of the beginning of the year outstanding loan balance. The
outstanding loan balance at December 31, 2023 is $40,332,816.