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 Hospital does not draw for indirect administrative expenses and 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 Winslow Memorial Hospital d/b/a Little Colorado Medical Center (the Hospital) under programs of the federal government for the year ended September 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 assets, or cash flows of the Hospital.
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 Hospital does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance for the direct loans and a guaranteed bond. There were no loan advances during the year ended September 30, 2024. The guaranteed bond is guaranteed by the U.S. Department of Agriculture for up to 90% of the bond, specifically identified as the Senior Secured Rural America Bond Series 2011A. The outstanding balances at September 30, 2024 were $8,195,677 and $893,373 for the direct USDA loans and $3,655,668 for the guaranteed Senior Secured Rural America Bond Series 2011A.