Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying Consolidated Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Memorial Hospital and the entities operating under common control, Hancock County Senior and Childcare Services Association and Hancock County Supportive Living Facility (collectively, Memorial Hospital Association and Affiliates), (Organization) under programs of the federal government for the year ended December 31, 2024. The information 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). The Organization received federal awards both directly from federal agencies and indirectly through pass-through entities. 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 assets, or cash flows of the Organization.
Title: Donated Personal Protective Equipment (PPE) (unaudited)
Accounting Policies: Expenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance of PPE received during the year ended December 31, 2024 was $15,000 and is based on the estimated fair market value of the PPE received. The donated PPE was generally provided by donors without information about compliance or reporting requirements associated with federal financial assisting listings. The donated PPE is not included in the schedule of expenditure of federal awards.
Title: Loan and Grant Programs
Accounting Policies: Expenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported on this Schedule under the Community Facilities Loans and Grants Program consists of the beginning of the year outstanding loan balance of Hancock County Senior and Childcare Services Association’s two direct USDA loans of $3,425,452 and $1,812,061, as well as Memorial Hospital’s USDA direct loan of $2,452,146. If applicable, advances made on the loans during the year are reported on the Schedule. The Organization made no advances on the loans during the year ended December 31, 2024. The Hancock County Senior and Childcare Services Association’s outstanding loan balance as of December 31, 2024 are $3,311,435 and $1,754,421. The Memorial Hospital’s outstanding loan balance as of December 31, 2024, is $2,373,847.