Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Community Memorial Hospital, Inc. has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Community Memorial Hospital, Inc. under programs of the federal government for the year ended December 31, 2023. The information 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 Community Memorial Hospital, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Memorial Hospital, Inc.
Title: Community Facilities Loan
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Community Memorial Hospital, Inc. has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule consist of the beginning of the year outstanding loan balance for the direct loan. There were no loan advances during the year ended December 31, 2023. The outstanding balance at December 31, 2023 was $2,927,361 for the direct USDA loan.