Title: 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 Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Wyckoff Heights Medical Center (the Medical 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 Medical Center, it is not intended to and does not present the financial position, changes in net asset deficit, or cash flows of the Medical Center.
Title: 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 Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
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.
Title: 3. Indirect Cost Rate
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 Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
The Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 6.17% was used for indirect costs.
Title: 4. Food and Nutritional 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: Both
Rate Explanation: The Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
During the year ended December 31, 2023, the Medical Center participated in the State of New York Department of Health WIC program through the provision of nutritional counseling and the receipt and distribution of food vouchers. The U.S. Department of Agriculture, the federal agency that sponsors the WIC program under Federal Assistance Listing Number (ALN) 10.557, has determined that such WIC program food vouchers are considered “property in lieu of money” and, therefore, should be reported as federal awards received by the Medical Center for the purpose of presentation in the accompanying schedule of expenditures of federal awards. The amount reported in the accompanying schedule of expenditures of federal awards for the WIC program consists of $8,050,801, related to food vouchers issued plus administrative and nutritional counseling costs of $1,515,107 for the year ended December 31, 2023. In addition to the federal funds received under the WIC program, 16.2% of the WIC program’s total administrative and nutritional counseling costs are funded by the State of New York Department of Health. Such amounts are excluded from the Schedule.
Title: 5. Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution
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 Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
As detailed on the Schedule, the Medical Center has reported federal expenditures of $990,917 within ALN 93.498, Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution. All expenditures are for Wyckoff Heights Medical Center, TIN 113437602. The amount report on the Schedule for the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution program. includes lost revenues of $5,778,669 for the year ended December 31, 2023.
Title: 6. Subsequent Events
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 Medical Center uses the 10% de minimis indirect cost rate on all programs where the budget allows. For the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC program), where they require a negotiated rate, the Medical Center submitted and was approved for an indirect cost rate of 25.20% for the period January 1,2023 to September 30, 2023. For the period of October 1, 2023 to December 31, 2023, there was no approved indirect cost rate therefore the de minimis rate was used for this period.
Reimbursement of indirect costs for the WIC program is based on either the approved indirect cost rate, the affordability rate within the overall WIC program budget, or 15% and is capped at the lower of the approved indirect cost rate, the affordability rate, or 15%. For the period from January 1, 2023 through September 30, 2023, the affordability rate of 6.85% was used for indirect costs. For the period from October 1, 2023 through December 31, 2023, the affordability rate of 5.32% was used for indirect costs.
The Medical Center has evaluated subsequent events occurring after the consolidated statement of financial position date of December 31, 2023 through May 30, 2024, except for our report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is September 30, 2024, which is the date these consolidated financial statements were available to be issued. No events arose during the period that would require adjustments or additional disclosures.