Notes to SEFA
Title: 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of Sheridan County Health Complex 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 Sheridan County Health Complex, it is not intended to and does not present the financial position, changes in net position or cash flows of Sheridan County Health Complex. Expenditures reported on the 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: Sheridan County Health Complex elected not to use the 10 percent de minimis indirect cost rate.
1. Sheridan County Health Complex issued the 2022A Bonds to provide the permanent financing for the Acute wing remodel project through a direct loan, as part of their Rural Development Program. The balance outstanding at December 31, 2023, of the 2022A Bonds, is $2,195,595, as reported in Sheridan County Health Complex’s balance sheet. Loans outstanding at the beginning of the year were $2,250,000.
Title: 4
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of Sheridan County Health Complex 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 Sheridan County Health Complex, it is not intended to and does not present the financial position, changes in net position or cash flows of Sheridan County Health Complex. Expenditures reported on the 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: Sheridan County Health Complex elected not to use the 10 percent de minimis indirect cost rate.
1. Sheridan County Health Complex did not receive any donated Personal Protective Equipment (PPE) during the year ended December 31, 2023, (Unaudited).