Notes to SEFA
Title: Loan and Grant Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of
Van Buren County Hospital (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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Hospital has not elected to use the 10% de minimis cost rate.
Expenditures reported on this Schedule under the Community Facilities Loans and Grants Program consists of
the beginning of the year outstanding loan balance of the Hospital’s USDA direct loans of $2,606,424, as well as
$100,361, which is 90% of the beginning of the year outstanding balance of the Hospital’s USDA guaranteed
loan. If applicable, advances made on the loans during the year are reported on the Schedule. The Hospital
made no advances on the loans during the year ended June 30, 2024. The Hospital’s outstanding loan balance
for the direct loan and the guaranteed loan as of June 30, 2024, are $2,510,871 and $91,487 (90% of the
outstanding balance), respectively.