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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Saint Francis Medical Center (a not-for-profit organization) ("the Medical Center") under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of operations of the Medical Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Medical Center.
Title: Summary of Significant Accounting Policies
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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
Title: Indirect Cost Rate
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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Medical Center elected to use the 10 percent de minimis indirect cost rate for fiscal year 2024.
Title: Federal Insurance and Loan Programs
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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Medical Center had no federal insurance programs in effect and no loan or loan guarantee programs outstanding during the year ended June 30, 2024.
Title: Relationship to Basic Consolidated Financial Statements
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. Pass-through entity numbers are presented where available. None of the federal expenditures on the schedule were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Federal awards included in the accompanying schedule of expenditures of federal awards are reported as grant revenue in the Medical Center's basic consolidated financial statements.