Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: V-Cap has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the financial activity of the federally assisted programs of Vital Healthcare Capital (“V-Cap”) for the year ended December 31, 2023. The information in the 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 V-Cap, it is not intended to and does not present the financial position, changes in net assets, or cash flows of V-Cap.
Title: NOTE 4 – DEPARTMENT OF THE TREASURY LOANS
Accounting Policies: 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: V-Cap has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
V-Cap is only responsible for the performance of certain administrative duties with respect to U.S. Department of the Treasury loans disbursed, and not responsible for any ongoing compliance requirements. Therefore, the transactions and the balances of loans outstanding are only the amounts loaned during the year ending December 31, 2023.