Audit 32616

Accounting Policies: (1) General- The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the Schedules) present the activity of all federal and state programs administered by Sarasota County Public Hospital District (the District). Awards received directly from federal and state agencies, as well as those passed through other governmental agencies, are included on the respective Schedules. The information in the respective Schedules 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 (the Uniform Guidance), and Chapter 10.550, Rules of the Auditor General (Chapter 10.550). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. (2) Basis of Accounting Federal and state programs administered by the District are accounted for within the Districts operating funds. The accompanying Schedules have been prepared on the same basis of accounting as the Districts financial statements. The Districts financial statements are prepared in accordance with U.S. generally accepted accounting principles. Transactions are recorded on an accrual accounting basis. Under the accrual method, revenues are recognized when earned and expenses are recognized when a liability is incurred, without regard to receipt or payment of cash. (3) Relationship to Financial Statements Federal awards and state financial assistance revenues are reported in the Districts financial statements as other revenue. (4) Contingencies Grant monies received and disbursed by the District are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the District does not believe that such disallowances, if any, would have a material effect on the financial position of the District. Management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed. (5) Indirect Costs The District did not elect to charge the de minimus rate 10% for determining indirect cost amounts. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.