Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Renown Health has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Renown Health, under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of 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 Renown Health, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of Renown Health. As of December 31, 2022, Renown Health changed its fiscal year end from June 30 to December 31.
In accordance with guidance from the U.S. Department of Health and Human Services (DHHS), Renown Health included the Reporting Period 5 expenditures for Provider Relief Fund Assistance Listing No. 93.498 of $10,041,232 in the Schedule for the year ended December 31, 2023, to align with DHHS reporting guidelines, for the following entity: Renown Regional Medical Center (Taxpayer Identification Number 88-0213754). In accordance with U.S. GAAP, the total amount of $10,041,232 of Provider Relief Fund assistance received by Renown Health was recognized as revenue during the fiscal year ended June 30, 2022, and is included in beginning net assets as of and for the year ended December 31, 2023.
The Schedule includes $3,303,692 of expenditures for Disaster Grants – Public Assistance (Presidentially Declared Disasters) Assistance Listing No. 97.036. These awards were approved during the year ended December 31, 2023, and relate to expenditures that were incurred during the fiscal years ended June 30, 2022 and 2021.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Renown Health has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
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.
Title: NOTE 4 - SUBRECIPIENT AWARDS
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Renown Health has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Renown Health did not provide any federal awards to subrecipients during the year ended December 31, 2023.