Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheHospital has not elected to use the 10 percent de minimis indirect cost rate allowed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Loan guarantees outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Nonmonetary assistance in the form of loanguarantees are included in the Schedule. The related loan balances totaled $23,526,590 at September 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheHospital has not elected to use the 10 percent de minimis indirect cost rate allowed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of North Canyon Medical Center, Inc. (the Hospital) under programs of the federal governmentfor the year ended September 30, 2022. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, 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 intendedto and does not present the financial position, changes in net assets, or cash flows of the Hospital.