Title: Loan/loan guarantee outstanding balances
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: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 23144199.
Title: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Morrison Community Hospital District and the Morrison Community Hospital Foundation (collectively, the Hospital) under programs of the federal government for the year ended June 30, 2022. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. For purposes of the Schedule, federal awards include all federal assistance entered into directly between the Hospital and the federal government and sub-awards from nonfederal organizations made under federally sponsored agreements. The Schedule does not include payments received under Medicare and Medicaid reimbursement programs. Because the Schedule presents only a selected portion of the activities of the Organization, it is not intended to, and does not, present the net position, changes in net position or cash flows of the Hospital.
Title: Subrecipients
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: The auditee did not use the de minimis cost rate.
None of the federal expenditures presented in the Schedule were provided to subrecipients during the year ended June 30, 2022.
Title: Noncash Assistance, Insurance, Loans and Loan Guarantees Outstanding
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: The auditee did not use the de minimis cost rate.
There were $23,200,000 of Secured Rural American Bonds originally issued comprised of USDA direct loans and loan guarantees. These bonds were issued for the construction and expansion of the hospital facilities. The $23,200,000 original bonds are comprised of $4,000,000 of Series 2019A and Series 2019B Secured Rural American Bonds (USDA Guaranteed loan) and $19,200,000 of Rural Development Bonds (direct USDA loan). The outstanding amount of the USDA direct and guaranteed loans is $23,144,199 as of June 30, 2022, and the bonds mature at various dates through September 2049. The direct USDA loan matures in June 2056.