Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes all federal grants to Virginia Commonwealth University Health System Authority (the Authority) that had federal expenditure activity for the year ended June 30, 2024. The accompanying Schedule is presented using the accrual basis of accounting and 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). In accordance with the applicable requirements, certain programs may be presented in a fiscal period based on program-specific guidance (Note 4). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the Authority.
The preparation of the Schedule in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Schedule during the reporting period. Actual results could differ from those estimates. For the year ended June 30, 2024, there were no expenditures passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grants to Virginia Commonwealth University Health System Authority (the Authority) that had federal expenditure activity for the year ended June 30, 2024. The accompanying Schedule is presented using the accrual basis of accounting and 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). In accordance with the applicable requirements, certain programs may be presented in a fiscal period based on program-specific guidance (Note 4). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the Authority.
The preparation of the Schedule in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Schedule during the reporting period. Actual results could differ from those estimates. For the year ended June 30, 2024, there were no expenditures passed through to subrecipients.
Title: 2. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes all federal grants to Virginia Commonwealth University Health System Authority (the Authority) that had federal expenditure activity for the year ended June 30, 2024. The accompanying Schedule is presented using the accrual basis of accounting and 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). In accordance with the applicable requirements, certain programs may be presented in a fiscal period based on program-specific guidance (Note 4). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the Authority.
The preparation of the Schedule in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Schedule during the reporting period. Actual results could differ from those estimates. For the year ended June 30, 2024, there were no expenditures passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Direct and indirect costs are charged to awards in accordance with cost principles contained in the United States Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Authority did not make this election and uses a negotiated indirect cost rate in the accompanying Schedule.
Title: 3. COVID-19 – Disaster Grants – Public Assistance (Presidentially Declared Disasters) (“FEMA”)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes all federal grants to Virginia Commonwealth University Health System Authority (the Authority) that had federal expenditure activity for the year ended June 30, 2024. The accompanying Schedule is presented using the accrual basis of accounting and 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). In accordance with the applicable requirements, certain programs may be presented in a fiscal period based on program-specific guidance (Note 4). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the Authority.
The preparation of the Schedule in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Schedule during the reporting period. Actual results could differ from those estimates. For the year ended June 30, 2024, there were no expenditures passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures related to Assistance Listing 97.036 – COVID -19 – Disaster Grants – Public Assistance (Presidentially Declared Disasters) (“FEMA”) on the Schedule is the amount obligated within the year ended June 30, 2024. In response to the COVID-19 pandemic, the System purchased specialized medical equipment in order to treat COVID-19 patients and were claimed as reimbursement under the FEMA Public Assistance Grant Program. The COVID-19 Public Health Emergency officially ended May 11, 2023 in which, there were no adjustments necessary to the 2024 claims, however, there may be further adjustments to existing or future applications to account for other reductions as the Virginia Department of Emergency Management completes authorization and appropriation of the funds.
Title: 4. Noncash Federal Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes all federal grants to Virginia Commonwealth University Health System Authority (the Authority) that had federal expenditure activity for the year ended June 30, 2024. The accompanying Schedule is presented using the accrual basis of accounting and 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). In accordance with the applicable requirements, certain programs may be presented in a fiscal period based on program-specific guidance (Note 4). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the Authority.
The preparation of the Schedule in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Schedule during the reporting period. Actual results could differ from those estimates. For the year ended June 30, 2024, there were no expenditures passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority did not receive any noncash Federal assistance including donated personal protective equipment for the year ended June 30, 2024.