Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
De Minimis Rate Used: N
Rate Explanation: The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award.
The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. The Network does not use the 10% de-minimis indirect cost rate for sponsored programs. The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
Title: Pass-through Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
De Minimis Rate Used: N
Rate Explanation: The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award.
Full Assistance Listing Numbers (“ALN”) and pass-through award numbers are presented where available and applicable
Title: Federal Direct Student Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
De Minimis Rate Used: N
Rate Explanation: The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award.
The Network is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program and, accordingly, the total outstanding loans are not included in the Network's consolidated financial statements. It is not practical to determine the balance of loans outstanding to students under this program as of December 31, 2023. The Federal Schedule includes loans granted in 2023.
Title: COVID-19 – Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
De Minimis Rate Used: N
Rate Explanation: The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award.
The Federal Schedule includes grant activity related to the DHHS Coronavirus Aid Relief and Economic Security ("CARES") Act ALN 93.498 Provider Relief Funds ("PRF"). The PRF is administered by Health Resources and Services Administration ("HRSA"). As required based on guidance in the 2023 OMB Compiance Supplement, the Federal Schedule includes all Period 5 funds received between January 1, 2022 and June 30, 2022 and expended by June 30, 2023 as reported to HRSA via the PRF Reporting Portal. There were no period 6 funds received. The Federal Schedule, thus, includes $44,282 of lost revenue.
Title: COVID-19 – Federal Emergency Management Agency Disaster Relief Fund (“FEMA”)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of Hackensack Meridian Health, Inc. and its subsidiaries (the "Network") that have been financed by the U.S. Government. The information in this Federal Schedule is presented in accordance with the requirements of the 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 this Federal Schedule may differ from amounts presented in or used in preparation of the consolidated financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Direct and indirect costs are charged to awards in accordance with cost principles contained in the Uniform Guidance, U.S. Office of the Assistant Secretary Comptroller ("OASC"), OASC-3, A Guide for Hopsitals. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying Federal Schedule is presented on the accrual basis of accounting. Because the Federal Schedule presents only a selected portion of the activities of the Network, it is not intended to, and does not, present the consolidated financial position, results of operations, and changes in net assets or cash flows of the Network. While certain awards on the Federal Schedule have program names identified as award year 2021, 2022 and 2024 only expenses incurred during the year ended December 31, 2023 are reported on the Federal Schedule. These awards have grant periods that do not align with the Network's calendar year end.
De Minimis Rate Used: N
Rate Explanation: The Network charges indirect costs to federal awards based on award-specific rates as defined in each grant award.
As of December 31, 2023, the Network recorded $104,772 of claims to FEMA under ALN 97.036. The claims submitted represented incurred eligible capital and operating expenses attributed to the Network's response to COVID-19 which were not only expended but also obligated by the federal and state agencies. The Network has additional claims outstanding and under review with FEMA as of December 31, 2023 which will be recognized in the year the related funds are obligated by the federal and state agencies.