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.
De Minimis Rate Used: N
Rate Explanation: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Stormont-Vail HealthCare, Inc. and Affiliates (Stormont-Vail) 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 select portion of the operations of Stormont-Vail, it is not intended to and does not present the financial position, changes in net assets or cash flows of Stormont-Vail.
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.
De Minimis Rate Used: N
Rate Explanation: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
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.
De Minimis Rate Used: N
Rate Explanation: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: Noncash Assistance, Insurance, Loans and Loan Guarantees Outstanding
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.
De Minimis Rate Used: N
Rate Explanation: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Stormont-Vail did not receive any noncash assistance during the year ended September 30, 2024. There
were no federal awards expended for insurance or any loans or loan guarantees outstanding as of
September 30, 2024.
Title: Disaster Grants—Public Assistance (Presidentially Declared Disasters) Program
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.
De Minimis Rate Used: N
Rate Explanation: Stormont-Vail has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures of $841,398 for Federal Emergency Management Agency (FEMA) funds recorded on the
Schedule were for periods before Stormont-Vail’s fiscal year 2024. FEMA approved Stormont-Vail’s
project in Stormont-Vail’s fiscal year 2024.