Notes to SEFA
Title: 4. U.S. Housing and Urban Development Mortgage Reserve Fund
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 45 CFR 74, Appendix E or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Company has no federal loans or loan guarantees outstanding as of December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Platte Valley Medical Center is required to establish and maintain a mortgage reserve fund in accordance with its U.S. Housing and Urban Development regulatory agreement in the amount of $20.7 million. As of December 31, 2022, the fair value of mortgage reserve fund was $20.9 million.
Title: 5. Community Development Block Grants/Entitlement Grants
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 45 CFR 74, Appendix E or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Company has no federal loans or loan guarantees outstanding as of December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2022, the outstanding loan balance for the Community Development Block Grants/Entitlement Grants was $52.8 million.
Title: 6. Federal Emergency Management Agency (FEMA) Grants
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 45 CFR 74, Appendix E or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Company has no federal loans or loan guarantees outstanding as of December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Company incurred expenditures eligible for FEMA reimbursement of $13.0 million and $0.2 million in 2021 and 2020, respectively. FEMA approved and awarded reimbursement of the Company’s eligible expenditures in 2022. As required by federal guidance, these eligible prior period expenditures are aggregated and reported in the 2022 Schedule of Expenditures of Federal Awards in Disaster Grants 97.036.