Notes to SEFA
Title: Note 4 - Community Facilities Loan Program
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Compass Memorial Healthcare (Hospital) 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 Hospital, it is not intended to and does not present the financial position, changes in net position or cash flows of the Hospital.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate The Hospital does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditures reported in this schedule under the U.S. Department of Agriculture (USDA) Rural Development Program Community Facilities Loans and Grants consist of the beginning of the year outstanding loan balance plus advances during the year. The outstanding balance at June 30, 2024 for the USDA loans was $22,589.832.