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: N
Rate Explanation: The Children’s Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Elizabeth Seton Pediatric Center d/b/a Elizabeth Seton Children’s Center (the “Children’s 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 (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Children’s Center, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Children’s Center.
Title: NOTE 3 - Non-Cash Awards
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: N
Rate Explanation: The Children’s Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Children’s Center has mortgage payable balances outstanding at December 31, 2023. The mortgage balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of the mortgages outstanding at December 31, 2023 is $89,609,446.