Notes to SEFA
Title: Unobligated federal funds
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity – The accompanying Schedule of Expenditures of Federal Awards includes all federal award programs of Katahdin Valley Health Center for the fiscal year ended March 31, 2024. The reporting entity is defined in the Notes to the Financial Statements of Katahdin Valley Health Center.
Basis of Presentation – The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance.
1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
2. Major Programs – The Uniform Guidance establishes the levels of expenditures to be used in defining major federal financial award programs. Major programs for Katahdin Valley Health Center have been identified in the attached Schedule of Findings and Questioned Costs.
Basis of Accounting - The schedule of expenditures of federal awards includes the federal grant activity of Katahdin Valley Health Center and is presented on the full accrual basis, with the exception of HHS provider relief funds which are reported in accordance with HRSA guidance as noted below, which is consistent with reporting in the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% De Minimis Cost rate for the year ended March 31, 2024.
As of March 31, 2024 the Organization had grant awards in the amount of $705,501 from the U.S. Department of Health and Human Services and $659,000 from the U.S. Department of Agriculture that had not been drawn or expended. Total unobligated funds as of March 31, 2024 were $1,364,501.
Title: Donated personal protective equipment
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity – The accompanying Schedule of Expenditures of Federal Awards includes all federal award programs of Katahdin Valley Health Center for the fiscal year ended March 31, 2024. The reporting entity is defined in the Notes to the Financial Statements of Katahdin Valley Health Center.
Basis of Presentation – The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance.
1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
2. Major Programs – The Uniform Guidance establishes the levels of expenditures to be used in defining major federal financial award programs. Major programs for Katahdin Valley Health Center have been identified in the attached Schedule of Findings and Questioned Costs.
Basis of Accounting - The schedule of expenditures of federal awards includes the federal grant activity of Katahdin Valley Health Center and is presented on the full accrual basis, with the exception of HHS provider relief funds which are reported in accordance with HRSA guidance as noted below, which is consistent with reporting in the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% De Minimis Cost rate for the year ended March 31, 2024.
During the fiscal year ended March 31, 2024 the Organization received non-cash assistance in the form of PPE and covid home tests valued at $113,404 from HRSA. In accordance with guidance provided by the 2023 Compliance Supplement, these amounts were not included as expenditures on the schedule of expenditures of federal awards.