Notes to SEFA
Title: Loan Balances
Accounting Policies: Reporting Entity – The accompanying Schedule of Expenditures of Federal Awards includes all federal award programs of Fish River Rural Health for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of Fish River Rural Health.
Basis of Presentation – The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance.
1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
2. Major Programs – The Uniform Guidance establishes the levels of expenditures to be used in defining major federal financial award programs. Major programs for Fish River Rural Health have been identified in the attached Schedule of Findings and Questioned Costs.
Basis of Accounting –The schedule of expenditures of federal awards includes the federal grant activity of Fish River Rural Health and is presented on the full accrual basis, which is consistent with reporting in the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
Loan Balances - The Organization maintains loans with the U.S. Department of Agriculture. The balances as of June 30, 2024 are as follows:
Loan # Balance
97-05 912,020
912,020
Because these loans do not carry any significant compliance requirements, other than to maintain a reserve account, USDA Rural Development has provided guidance stating that these loan balances are not required to be reported on the Organization’s Schedule of Expenditures of Federal Awards.
Title: Unobligated grant funds
Accounting Policies: Reporting Entity – The accompanying Schedule of Expenditures of Federal Awards includes all federal award programs of Fish River Rural Health for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of Fish River Rural Health.
Basis of Presentation – The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance.
1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
2. Major Programs – The Uniform Guidance establishes the levels of expenditures to be used in defining major federal financial award programs. Major programs for Fish River Rural Health have been identified in the attached Schedule of Findings and Questioned Costs.
Basis of Accounting –The schedule of expenditures of federal awards includes the federal grant activity of Fish River Rural Health and is presented on the full accrual basis, which is consistent with reporting in the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
Unobligated grant funds – As of June 30, 2024 the Organization had grant awards in the amount of $1,781,118 that had not been expended or drawn. This includes $1,321,105 awarded for operations and $460,013 for capital projects. All unobligated funds are expected to be expended in the year ended June 30, 2025.