Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Basis of Accounting
Expenditures reported in 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.
Indirect Cost Rate
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the Medical Center did not elect to use this rate.
Loan / Loan Guarantee Outstanding Balances
As of September 30, 2024, the Medical Center had $53,880,154 of federal loans or loan guarantees outstanding, as part of the Community and Facilities Loan and Grants cluster.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the Medical Center did not elect to use this rate.
The accompanying schedule of expenditures of federal awards (the Schedule) represents federal grant activity of the Medical Center under programs of the federal government for the year ended September 30, 2024. The information in the 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 Medical Center, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Medical Center.
Title: Note 3: Noncash Assistance
Accounting Policies: Basis of Accounting
Expenditures reported in 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.
Indirect Cost Rate
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the Medical Center did not elect to use this rate.
Loan / Loan Guarantee Outstanding Balances
As of September 30, 2024, the Medical Center had $53,880,154 of federal loans or loan guarantees outstanding, as part of the Community and Facilities Loan and Grants cluster.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the Medical Center did not elect to use this rate.
The Medical Center did not receive any federal noncash assistance for the year ended September 30, 2024.