Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on this 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: The Hospital 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 award activity of Moab Valley Healthcare, Inc. doing business as Moab Regional Hospital (the Hospital) 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 the Hospital, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Hospital.
Title: Loan and Loan Guarantee Outstanding Balances
Accounting Policies: Expenditures reported on this 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: The Hospital has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Hospital’s 2.77 percent note payable will be refinanced by a direct loan and a guaranteed loan under the Department of Agriculture’s Community Facilities Loans and Grants program. The balance included on the Schedule represents 100 percent of the notes payable balance as of January 1, 2023, plus any additional borrowings under the note payable agreements during 2023. The notes payable balance as of December 31, 2023, was $42,488,996.