Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: PMS negotiates an indirect cost rate with the federal government.
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal award activity of Presbyterian Medical Services and subsidiary (collective, “PMS”) under programs with the federal government for the year ended December 31, 2023. PMS’ reporting entity is defined in Note 1 to PMS’ consolidated financial statements. 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, Costs Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of PMS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PMS.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: PMS negotiates an indirect cost rate with the federal government.
The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
Title: Indirect Cost Rate
Accounting Policies: The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: PMS negotiates an indirect cost rate with the federal government.
PMS negotiates an indirect cost rate with the federal government. Accordingly, PMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Award Identification Numbers
Accounting Policies: The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: PMS negotiates an indirect cost rate with the federal government.
The federal granting agency is responsible for providing PMS with the federal Assistance Listing Number for each grant or contract. In cases where the federal granting agency did not provide the Assistance Listing Number to PMS, other available identifying numbers are presented on the Schedule.identifying numbers are presented on the Schedule.
Title: Reconciliation of the Schedule to the Consolidated Financial Statements
Accounting Policies: The Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the consolidated financial statements. PMS receives certain direct reimbursement revenue from federal agencies under the Medicare and Medicaid programs, which are not subject to the requirements of the Uniform Guidance and are not presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: PMS negotiates an indirect cost rate with the federal government.
The following is a reconciliation of the expenses reported on the Schedule to the revenues reported in the consolidated statement of activities for the year ended December 31, 2023: See the Notes to the SEFA for chart/table.