Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) presents the grant activity of federal financial assistance programs administered by Calvary Hospital, Inc. (the “Hospital”) 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 financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Hospital has elected to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) presents the grant activity of federal financial assistance programs administered by Calvary Hospital, Inc. (the “Hospital”) 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 financial statements. The Hospital 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 the Hospital 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. The Hospital did not provide any funding to subrecipients during the year ended December 31, 2023.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) presents the grant activity of federal financial assistance programs administered by Calvary Hospital, Inc. (the “Hospital”) 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 financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Hospital has elected to use the 10% de minimis cost rate.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the Schedule which is prepared on the accrual basis of accounting.