Notes to SEFA
Title: Basis of Presentation
Accounting Policies: No funds were identified as having been provided to subrecipients by the Health System and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance.
De Minimis Rate Used: Y
Rate Explanation: The Health System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Hancock County Health System (the Health System) and is presented
on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards presents only a selected portion of the operations of the Health System, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Health System.
Title: Community Facilities Loan and Grants
Accounting Policies: No funds were identified as having been provided to subrecipients by the Health System and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance.
De Minimis Rate Used: Y
Rate Explanation: The Health System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The U.S. Department of Agriculture federal assistance listing number 10.766 Community Facilities Loans and Grants in the Schedule is made up of a combination of a loan program and a grant. The loan program represents $6,275,777 of the amount reported on the Schedule, and the grant represents $622,244.
Title: Other Matters
Accounting Policies: No funds were identified as having been provided to subrecipients by the Health System and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance.
De Minimis Rate Used: Y
Rate Explanation: The Health System has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
Amount of Noncash Assistance None
Amount of Insurance None
Amount of Loans Outstanding $6,146,960
Amount of Loan Guarantees None
Amount Provided to Subrecipients None