Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, with the exception of expenditures associated a portion of the U.S. Department of Agriculture (USDA) Community Facilities Loans and Grants. 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. Pass-through entity identifying numbers are presented where available. For the awards related to the U.S. Department of Agriculture Community Facilities Loans and Grants the USDA has indicated that the amount of outstanding loans issued under the Community Facilities Loans and Grants must be included in the borrowers Schedule.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cabin Creek Health Systems, Inc. (the Organization) under programs of the federal government for the year ended June 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 Organization, it is not intended to and does not present the financial position, changes in net position or cash flows of the Organization.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, with the exception of expenditures associated a portion of the U.S. Department of Agriculture (USDA) Community Facilities Loans and Grants. 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. Pass-through entity identifying numbers are presented where available. For the awards related to the U.S. Department of Agriculture Community Facilities Loans and Grants the USDA has indicated that the amount of outstanding loans issued under the Community Facilities Loans and Grants must be included in the borrowers Schedule.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Schedule includes $1,294,440 received from the USDA. In accordance with guidance from the USDA, these amounts represent $1,294,440 in outstanding loans at the beginning of the audit period (i.e., the June 30, 2024, balance). There were no interest subsidies, cash, administrative cost allowances or new loans made or received during the year ended June 30, 2024 (the audit period covered by the Schedule). The balance of the loan as of June 30, 2024 amounted to $1,162,745.