Audit 346768

Accounting Policies: Note 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Magnolia Regional Health Center (the "Health Center") 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 operations of the Health Center, it is not intended to and does not present the financial position, changes in net positions, or cash flows of the Health Center. Note 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: N Rate Explanation: Note 3. Indirect Cost Rate The Health Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The election was not applicable to the funding received.