Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) presents the activity of
federal financial assistance programs administered by St. Mary’s Hospital for Children, Inc. (“SMH”) and is
presented on an accrual basis of accounting 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 basic consolidated
financial statements. SMH has elected to use the 10% de minimis cost rate.
The purpose of the Schedule of Expenditures of Federal Awards is to present a summary of those
expenditures of SMH for the year ended December 31, 2023, which have been supported by the federal
government. For purposes of this Schedule of Expenditures of Federal Awards, federal awards include any
assistance provided by a federal agency, directly or indirectly in the form of grants, contracts, cooperative
subsidies, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other
noncash assistance. SMH did not provide any funding to subrecipients during the year ended December 31, 2023
De Minimis Rate Used: N
Rate Explanation: PRF based on lost revenue - no cost rate applied.