Notes to SEFA
Accounting Policies: Notes to Schedule of Expenditures of Federal Awards:
1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended September 30, 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
2. Expenditures reported on the Schedule are reported on the accrual basis of accounting which is consistent with the preparation of the Authority’s financial statements. 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. The Provider Relief Fund (PRF) amount reported on the Schedule represents the amount reported to the U.S. Department of Health and Human Services HRSA Reporting Portal for Period 4 and as specified in the OMB Compliance Supplement. The Authority did not receive any Period 5 PRF payments.
3. The Authority did not have any non-cash awards during the fiscal year.
4. There were no awards passed through to subrecipients.
5. The Authority has not elected to use the 10% de minimis indirect cost rate under the Uniform Guidance.
6. Federal expenditures under loan programs include any new loans made during the year and loans outstanding at the beginning of the year for which there are continuing compliance requirements. USDA loan additions were made during the year ended September 30, 2023 were $531,141. During 2023, upon completion of the construction period, the interim financing loan was converted to a USDA loan. The balance of the loan outstanding as of September 30, 2023 is $2,750,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.