Notes to SEFA
Title: (1) Basis of Presentation
Accounting Policies: The information in the Schedule is presented using the accrual basis of accounting. Such expenditure are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of the South County Hospital Healthcare System Endowment and Affiliates (the Endowment) under programs of the federal government for the year ended September 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Endowment, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Endowment. The Endowment has not elected to utilize the 10% de minimis indirect cost allowed under the Uniform Guidance.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Endowment, and agencies and departments of the federal government and all subawards to the Endowment by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The Endowment did not pass through any amounts to sub‑recipients for the year ended September 30, 2023.
Title: (2) Basis of Accounting
Accounting Policies: The information in the Schedule is presented using the accrual basis of accounting. Such expenditure are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The information in the Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.