Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Note 2: Summary of Significant 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
Mackinac Straits Area Health and Affiliates has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Mackinac Straits Area Health and Affiliates. 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Mackinac Straits Area Health and Affiliates, it is not intended to and does not present the financial position, changes in assets, or cash flows of Mackinac Straits Area Health and Affiliates.
Title: Note 4: Subrecipients
Accounting Policies: Note 2: Summary of Significant 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
Mackinac Straits Area Health and Affiliates has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Mackinac Straits Area Health and Affiliates passed no federal awards through to subrecipients.
Title: Note 5: Balance of Outstanding Loan
Accounting Policies: Note 2: Summary of Significant 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
Mackinac Straits Area Health and Affiliates has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Mackinac Straits Area Health and Affiliates’ balance of the USDA as of March 31, 2024, was $44,492,816. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no new loans received during the year ended March 31, 2024.