Title: 1. Basis of Presentation
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
2. Summary of Significant 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: Y
Rate Explanation: Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
2. Summary of Significant 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: Y
Rate Explanation: Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate 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: 3. Indirect Cost Rate
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
2. Summary of Significant 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: Y
Rate Explanation: Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Relationship to Basic Consolidated Financial Statements
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
2. Summary of Significant 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: Y
Rate Explanation: Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures of federal awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the consolidated financial statements differ from the expenditures reported in the schedule of expenditures of federal awards. The Schedule includes expenses in the amount of $5,233,445 within Federal Assistance Listing Number (“ALN”) 97.036, which were incurred eligible expenses in a prior fiscal year and approved by Massachusetts Emergency Management Agency in fiscal year 2024.
Title: 5. Subsequent Events
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Signature Healthcare Corporation and Affiliates under programs of the federal government for the year ended September 30, 2024. The information in this 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 consolidated operations of Signature Healthcare Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Signature Healthcare Corporation and Affiliates.
2. Summary of Significant 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: Y
Rate Explanation: Signature Healthcare Corporation and Affiliates has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Signature Healthcare Corporation and Affiliates has evaluated subsequent events occurring after the consolidated statement of financial position date of September 30, 2024, through the date of January 31, 2025, except for our report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is February 14, 2025, which is the date these consolidated financial statements were available to be issued. On August 29, 2024, the Board of Trustees of Brockton Hospital, Inc. (the "Hospital") voted to terminate Signature Healthcare Retirement Plan C (the “Plan C”) as of December 1, 2024 or as soon as practicable. Participants were offered the choice of an immediate lump sum cashout (all participants), a continued annuity (retirees in pay), a deferred annuity (active and vested terminated participants), or an immediate annuity (active and vested terminated participants). It is expected that the termination process will be fully completed by September 30, 2025.