Notes to SEFA
Title: SCOPE OF AUDIT
Accounting Policies: SCOPE OF AUDIT All federal grant operations of Cincinnati Children’s are included in the scope of Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Single audits under the Uniform Guidance are performed in accordance with the provisions of the Office of Management and Budget (OMB)’s Compliance Supplement for Single Audits of Higher Learning Institutions and other Non-Profit Institutions (the “Compliance Supplement”). The Department of Health and Human Services has been designated as Cincinnati Children’s cognizant agency for the Single audit.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All federal grant operations of Cincinnati Children’s are included in the scope of Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Single audits under the Uniform Guidance are performed in accordance with the provisions of the Office of Management and Budget (OMB)’s Compliance Supplement for Single Audits of Higher Learning Institutions and other Non-Profit Institutions (the “Compliance Supplement”). The Department of Health and Human Services has been designated as Cincinnati Children’s cognizant agency for the Single audit.
Title: DE MINIMIS COST RATE
Accounting Policies: SCOPE OF AUDIT All federal grant operations of Cincinnati Children’s are included in the scope of Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Single audits under the Uniform Guidance are performed in accordance with the provisions of the Office of Management and Budget (OMB)’s Compliance Supplement for Single Audits of Higher Learning Institutions and other Non-Profit Institutions (the “Compliance Supplement”). The Department of Health and Human Services has been designated as Cincinnati Children’s cognizant agency for the Single audit.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Cincinnati Children’s did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING PRONOUNCESMENTS
Accounting Policies: SCOPE OF AUDIT All federal grant operations of Cincinnati Children’s are included in the scope of Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Single audits under the Uniform Guidance are performed in accordance with the provisions of the Office of Management and Budget (OMB)’s Compliance Supplement for Single Audits of Higher Learning Institutions and other Non-Profit Institutions (the “Compliance Supplement”). The Department of Health and Human Services has been designated as Cincinnati Children’s cognizant agency for the Single audit.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of Presentation — The accompanying Supplemental Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Cincinnati Children’s under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. This is consistent with the basis of accounting used in the preparation of the basic 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 Guidance. Because the Schedule presents only a selected portion of the operations of Cincinnati Children’s, it is not intended to and does not present the financial position, changes in net assets or cash flows of Cincinnati Children’s. Negative Balances — Negative amounts represent grants with deficit balances which were closed during fiscal 2024