Notes to SEFA
Title: NOTE 1 - 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: Both
Rate Explanation: The Center has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the assistance listing number 93.268. The Center did not elect to use the 10% de minimis indirect cost rate for all other grants.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Premium Health, Inc. (the "Center") under programs of the federal government for the year ended December 31, 2023. 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 the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: Both
Rate Explanation: The Center has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the assistance listing number 93.268. The Center did not elect to use the 10% de minimis indirect cost rate for all other grants.
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. The Center has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the assistance listing number 93.268. The Center did not elect to use the 10% de minimis indirect cost rate for all other grants.
Title: NOTE 3 - DONATED AND NONMONETARY ASSISTANCE
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: Both
Rate Explanation: The Center has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the assistance listing number 93.268. The Center did not elect to use the 10% de minimis indirect cost rate for all other grants.
Donated vaccines and nonmonetary assistance are reported in the Schedule at the market value of the vaccinations received. The total federal share of vaccinations distributed by the Center amounted to $180,642 and is included in the statement of activities and change in net assets. This amount is included in the Schedule.
Title: NOTE 4 - COVID-19 - PROVIDER RELIEF FUND - ASSISTANCE LISTING NUMBER 93.498
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: Both
Rate Explanation: The Center has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the assistance listing number 93.268. The Center did not elect to use the 10% de minimis indirect cost rate for all other grants.
For the HHS awards related to the Provider Relief Fund ("PRF") program, HHS has indicated the amounts on the schedule be reported corresponding to reporting requirements of the HRSA PRF Reporting Portal. Payments from HHS for PRF are assigned to 'Payment Received Periods' (each, a Period) based upon the date each payment from the PRF was received. Each Period has a specified Period of Availability and timing of reporting requirements. Entities report into the HRSA PRF Reporting Portal after each Period's deadline to use the funds (i.e., after the end of the Period of Availability). The schedule includes $724,351 received from HHS during 2022. In accordance with guidance from HHS, these amounts are presented as Periods 4 and 5. Such amounts were recognized as DHHS grant revenue in the consolidated financial statements in the year ended December 31, 2022.