Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Home does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of St. Luke's Home and St. Luke's Home Foundation (Home) under programs of the federal government for the year ended June 30, 2024. The information 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 Home, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Home.
Title: Provider Relief Funds and American Rescue Plan (ARP) Rural Distribution
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Home does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The Home received amounts from the U.S. Department of Health and Human Services (HHS) through the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution (PRF) program (Federal Financial Assistance Listing #93.498). The Home incurred eligible expenditures and therefore recognized revenue totaling $157,292 for the year ended June 30, 2022 on the combined financial statements. However, the PRF expenditures were recognized on the Schedule when the expenditures were included in the reporting to HHS for Period 6, defined as payments received between July 1, 2022, and December 21, 2022. As the total amount of $157,292 was included on the Period 6 report submitted to HHS, that amount is shown on the accompanying Schedule.
Title: Loan Programs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Home does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported on this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loans during the year, if applicable. The loan is guaranteed by the United States Department of Agriculture (USDA) for 90% of the loan principal. Total expenditures reported represents 90% of the beginning of the year outstanding loan balances. The outstanding balance as of June 30, 2024, for this loan was $9,914,720, of which 90% totals $8,923,248.