Notes to SEFA
Title: Note 4 - U.S. Department of Agriculture Rural Development Loan Programs
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Fillmore County Hospital (Hospital) 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 Hospital, it is not intended to and does not present the financial position, changes in net position or cash flows of the Hospital.
Note 2 - Summary of Significant Accounting Policies
Expenditures reported in 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: Note 3 - Indirect Cost Rate
The Hospital does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditures reported in this schedule under the U.S. Department of Agriculture (USDA) Rural Development Programs consist of the beginning of the year outstanding loan balances plus current advances. The balance of loans outstanding at June 30, 2024 consists of: See "Notes to SEFA" for chart/tables.