Notes to SEFA
Title: NOTE 1 SINGLE AUDIT OVERVIEW
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mountain Laurel Medical Center and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
All costs charged to the grant are direct costs to the program. There are no indirect costs allocated to the program.
De Minimis Rate Used: N
Rate Explanation: The program elected not to use the 10% de minimis indirect cost rate.
The Single Audit is the performance of a uniform audit of Mountain Laurel Medical Center’s federal grants in conjunction with the annual audit of the basic financial statements. The information in the Schedule of Expenditures of Federal Awards in 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). The Single Audit fulfills all the Federal agencies’ audit requirements, which cover financial, compliance and internal controls. The programs tested as major programs are indicated on the Schedule of Expenditures of Federal Awards and on the Schedule of Findings and Questioned Costs and amounted to 89% of total federal award expenditures.
Title: NOTE 2 FISCAL PERIOD AUDITED
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mountain Laurel Medical Center and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
All costs charged to the grant are direct costs to the program. There are no indirect costs allocated to the program.
De Minimis Rate Used: N
Rate Explanation: The program elected not to use the 10% de minimis indirect cost rate.
Single Audit testing procedures were performed for transactions occurring during the fiscal year ended December 31, 2023.
Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mountain Laurel Medical Center and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
All costs charged to the grant are direct costs to the program. There are no indirect costs allocated to the program.
De Minimis Rate Used: N
Rate Explanation: The program elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mountain Laurel Medical Center and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
All costs charged to the grant are direct costs to the program. There are no indirect costs allocated to the program.
The program elected not to use the 10% de minimis indirect cost rate. The program had no subrecipients.
Title: NOTE 4 RECONCILIATION OF FEDERAL GRANT REVENUE TO SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mountain Laurel Medical Center and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
All costs charged to the grant are direct costs to the program. There are no indirect costs allocated to the program.
De Minimis Rate Used: N
Rate Explanation: The program elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes expenditures of federal awards that are reported differently from the way they are presented in the financial statements. Following is a reconciliation of federal expenditures per the SEFA to total federal grant revenue recognized in the financial statements: