Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Redeemer Health 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 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and the New Jersey Office of Management and Budget Circular 15-08 (NJ OMB Circular). Because the Schedule presents only a selected portion of the operations of Redeemer Health, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Redeemer Health. Redeemer Health’s consolidated financial statements include the operations of the Drueding Center, which received $2,942,323 in federal awards that are not included in the Schedule of Expenditures of Federal Awards for the year ended June 30, 2024. The U.S. Department of Housing and Urban Development required a separate single audit to be performed on that entity in accordance with the Uniform Guidance.
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 and New Jersey OMB Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Redeemer Health has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and New Jersey OMB Circular.