Notes to SEFA
Title: GENERAL
Accounting Policies: The accompannying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: PryMed Medical Care, Inc. did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The accompanying Schedule of Expenditures of Federal Awards presents the activities of all federal awards programs of PryMed Medical Care, Inc. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included in the schedule. The information in this schedule is presented in accordance with the requirements by The Uniform Guidance.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompannying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: PryMed Medical Care, Inc. did not use the de minimis cost rate since all costs are charged directly to the federal awards.
Revenues and expenses of the federal awards programs are included in the Organization's financial statements. The reconciliation between the expenses in the financial statements and expenditures in the Schedule of Expenditures of Federal Awards is as follows:
Expenses in the statements of activities $ 29,072,335
Add: Capital expenditures with federal funds 503,216
Less: Depreciation expense (194,557)
Less: Non-federal expenses (25,332,451)
Total federal expenditures $ 4,048,543
Title: FUNDS TO SUBRECIPIENTS
Accounting Policies: The accompannying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: PryMed Medical Care, Inc. did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Organization did not disburse funds to subrecipients for the years ended January 31, 2024.