Title: (1) Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The
Queen’s Health Systems and its subsidiaries (QHS) and is presented on the accrual basis of accounting.
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 this
schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial
statements.
De Minimis Rate Used: N
Rate Explanation: For the Research and Development Cluster, QHS did not elect to use the 10% de minimis indirect cost rate
as discussed in the Uniform Guidance Section 200.414 as QHS has a negotiated rate with the United
States Department of Health and Human Services for the year ended June 30, 2022.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of The
Queen’s Health Systems and its subsidiaries (the Company) and is presented on the accrual basis of
accounting. 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 this
schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial
statements.
Title: (2) Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The
Queen’s Health Systems and its subsidiaries (QHS) and is presented on the accrual basis of accounting.
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 this
schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial
statements.
De Minimis Rate Used: N
Rate Explanation: For the Research and Development Cluster, QHS did not elect to use the 10% de minimis indirect cost rate
as discussed in the Uniform Guidance Section 200.414 as QHS has a negotiated rate with the United
States Department of Health and Human Services for the year ended June 30, 2022.
For the Research and Development Cluster, the Company did not elect to use the 10% de minimis indirect
cost rate as discussed in the Uniform Guidance Section 200.414 as the Company has a negotiated rate
with the United States Department of Health and Human Services for the year ended June 30, 2023. For
programs other than the Research and Development cluster, the Company elected to use the 10% de
minimus indirect cost rate as discussed in the Uniform Guidance Section 200.414 if indirect costs are
applicable to the grant.
Title: (3) Personal Protective Equipment Receipts (Unaudited)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The
Queen’s Health Systems and its subsidiaries (QHS) and is presented on the accrual basis of accounting.
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 this
schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial
statements.
De Minimis Rate Used: N
Rate Explanation: For the Research and Development Cluster, QHS did not elect to use the 10% de minimis indirect cost rate
as discussed in the Uniform Guidance Section 200.414 as QHS has a negotiated rate with the United
States Department of Health and Human Services for the year ended June 30, 2022.
The Company did not receive any personal protective equipment in response to the COVID-19 pandemic
for the year ended June 30, 2023.
Title: (4) Provider Relief Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The
Queen’s Health Systems and its subsidiaries (QHS) and is presented on the accrual basis of accounting.
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 this
schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial
statements.
De Minimis Rate Used: N
Rate Explanation: For the Research and Development Cluster, QHS did not elect to use the 10% de minimis indirect cost rate
as discussed in the Uniform Guidance Section 200.414 as QHS has a negotiated rate with the United
States Department of Health and Human Services for the year ended June 30, 2022.
The Provider Relief Fund (PRF) program is administered by the Health and Human Resources and
Services Administration to support eligible providers during the COVID-19 pandemic and was approved for
funding originally under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act. Funds were
provided to eligible providers to support healthcare related expenses or lost revenues attributable to
Coronavirus without application, but rather with terms and conditions. These terms and conditions required
acceptance through an online portal or the funds would be returned. The Company accepted these
conditions. The accompanying Schedule includes PRF for Period 4, defined as payments received
between July 1, 2021 to December 31, 2021, and Period 5, for payments received between January 1,
2022 to June 30, 2022.