Notes to SEFA
Title: NOTE B
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Mayo Heathcare, Inc under programs of the federal government for the year ended Decemeber 31, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,Cost Principles, Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of Mayo Healthcare, Inc., it is not intended to and does not present the financial position, change in net assets of Mayo Healthcare, Inc..
De Minimis Rate Used: N
Rate Explanation: Mayo Healthcare, Inc. has elected not to use the 10 percent de minimis indirect 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. Mayo Healthcare, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance because no indirect costs were allowed under the federal awards.