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.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Drew Memorial Hospital, Inc. d/b/a Drew Memorial Health System (Hospital) under programs of the federal government for the year ended March 31, 2024. The information in this Schedule 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 assets or cash flows of the Hospital.
Title: Federal Loan Program
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.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The federal loan program listed subsequently is administered directly by the Hospital, and balances and
transactions relating to this program are included in the Hospital’s enterprise fund basic financial statements.
Loans outstanding at the beginning of the year and loans made during the year, if any, are included in the federal
expenditures presented in the Schedule. The balance of loans outstanding at March 31, 2024 consists of: Assistance Living Number 10.780 Community Facilities Loans and Grants (Community Programs) $13,923,228.