Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Pipestone County Medical Center (Medical Center) under programs of the federal government for the year ended June 30, 2024. The information 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 assets, or cash flows of the Medical Center.
Title: Community Facilities Loans
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Medical Center has not elected to use the 10% de minimis cost rate.
Expenditures reporting in this schedule consist of the beginning of the year outstanding balance for the Series 2016A and 2016B Medical Center Bonds directly with United Stated Department of Agriculture (USDA). There were no loan advances during the year ended June 30, 2024. The outstanding balance at June 30, 2024 was $16,035,863 for the Series 2016A and 2016B bonds.