Notes to SEFA
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) presents the federal financial assistance programs of the Laguna Healthcare Corporation (LHC) and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LHC has a negotiated indirect cost rate and, therefore, has elected not to use the 10% de minimis indirect cost rate.
LHC did not provide any federal awards to subrecipients during 2023
Title: Reconciliation to the Financial Statements
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) presents the federal financial assistance programs of the Laguna Healthcare Corporation (LHC) and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LHC has a negotiated indirect cost rate and, therefore, has elected not to use the 10% de minimis indirect cost rate.
The following is a reconciliation of the expenditures reported on the Schedule to the grant revenues reported in LHC's financial statements:
Grants revenue reported in that statement of revenues, expenses, and changes in net position $10,566,024
Less: Lease revenue under Section 105(I) of the Indian Self-Determination and Education Assistance Act (ISDEAA) (624,267)
Less: Nonfederal contract and grant revenue (63,272)
Total expenditures of federal awards $9,878,485