Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
The accompanying consolidated schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Good Samaritan Hospital Association and Subsidiary (the Organization) under programs of the federal government for the year ended March 31, 2024. The information 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Loan Programs
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditures reported in this Schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The amount on the Schedule also includes those expenditures incurred through March 31, 2024 that have not yet been drawn on through loan proceeds as of year-end. The outstanding balance at March 31, 2024 was $31,344,570. Series 2023A consists of $4,000,000 and is guaranteed at 80% or $3,200,000, Series 2023B consists of $1,000,000 and is guaranteed at 80% or $800,000, and Series 2023C is a drawdown loan with a current balance of $26,344,570. Maximum amount that can be drawn on the Series 2023C is $50,243,000 and will be permanently placed with a direct loan from USDA once construction is completed.