Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Shattuck Hospital Authority doing business as Newman Memorial Hospital, Inc. (the Authority) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of 2 CFR 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Title: Direct Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Direct loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Authority has four separate loan balances which comprise the total expenditures reported on the Schedule, which includes three different construction loans and a mortgage loan. The outstanding balance of the construction loans and mortgage loan at December 31, 2023, totaled $4,170,179.