Title: Basis of Presentation
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Franciscan Missionaries of Our Lady Health System, Inc. and affiliated organizations (the System) under programs of the federal government for the year ended June 30, 2024. The amounts reported as federal expenditures were obtained from the System’s general ledger. Because the Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, results of operations, changes in net assets, and cash flows of the System.
For purposes of the Schedule, federal expenditures include all grants, contracts, and similar agreements entered into directly between the System, the agencies and departments of the federal government, and all subawards to the System by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in the Schedule is presented in accordance with the audit 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).
Title: Summary of Significant Accounting Policies
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
For purposes of the Schedule, expenditures of federal award programs are recognized 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. The System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Provider Relief Funds (ALN 93.498)
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As required by the granting agency, the Provider Relief Fund (PRF) amounts presented in the Schedule represent lost revenues and expenses as reported to the U.S. Department of Health and Human Services for the PRF Portal Reporting time periods of January 1, 2020 to June 30, 2024. The System did not file any Period 7 reports.
Title: Federal Direct Student Loans (ALN 84.268)
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The System’s Federal Direct Student Loans (Direct Loans) included in the Schedule represent loans received by students during fiscal year 2024, which were not made by the System. The System is responsible only for the performance of certain administrative duties with respect to its Direct Loans Program, and accordingly, these loans are not included in its consolidated financial statements. The System is not required to maintain the balance of the loans outstanding to students and former students of the System under these programs. Such balances are maintained and administered by the lenders and guarantors of these loans. During the year ended June 30, 2024, the System advanced the following amounts of new loans under the Direct Loan Program:
Unsubsidized direct loans 84.268 $ 7,265,059
Subsidized direct loans 84.268 1,415,068
Parents’ loans for undergraduate students 84.268 528,592
Parents’ loans for graduate students 84.268 6,528,163
Total $ 15,736,882
Title: Relationship to Consolidated Financial Statements
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures are reported in the System’s 2024 consolidated financial statements as follows:
Total expenditures under federal grants and contracts included in other revenue in the consolidated financial statements of the System $ 16,275,844
Less: Expenses not incurred in SEFA (548,460)
COVID-19 Provider Relief Fund and American Rescue Plan(ARP) Rural Distribution recognized in prior years 9,128,716
Federal Supplemental Education Opportunity Grant – agency transactions 93,770
Federal Pell Grant Program – agency transactions 1,364,730
Federal Direct Student Loans (Direct Loan) – agency transactions 15,736,882
Federal Work Study 69,673
Federal expenditures per the schedule $ 42,121,155
Title: Expenditures of Federal Awards to Subrecipien
Accounting Policies: For purposes of the Schedule, expenditures of federal award programs are recognized 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 System has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The System did not pass through any expenditures of federal awards to subrecipients during 2024.