Title: Mortgage Insurance
Accounting Policies: The schedule of expenditures of federal awards is prepared using the accrual basis of accounting. Complete Catalog of Assistance Listing numbers are presented for those programs for which such numbers were available. Assistance Listing prefixes and other identifying numbers are presented for programs for which a complete Assistance Listing number is not available.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The System participates in the Section 242 Program which is a loan guarantee by the Department of Housing and Urban Development (HUD). The objective of the program is to facilitate affordable financing of hospitals for the care and treatment of persons who are acutely ill or who otherwise require medical care and related services of the kind customarily furnished by hospitals. HUD insures lenders against a loss on mortgages. The loans may be used to finance construction, modernization, equipment, or refinancing of acute care hospitals.
Title: Insured Mortgage
Accounting Policies: The schedule of expenditures of federal awards is prepared using the accrual basis of accounting. Complete Catalog of Assistance Listing numbers are presented for those programs for which such numbers were available. Assistance Listing prefixes and other identifying numbers are presented for programs for which a complete Assistance Listing number is not available.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
On December 8, 2004, the Louisiana Public Facilities Authority (the Authority) issued the Series 2004 Bonds, for which Baton Rouge General Medical Center (the Hospital), the mortgaged entity, is obligated. The mortgaged entitys financial statements have been presented in the Consolidating Balance Sheets and Statements of Operations as Baton Rouge General Medical Center. Concurrently with the issuance of the bonds, the Authority entered into a loan agreement related to the bonds dated as of November 1, 2004, with Baton Rouge General Medical Center. Pursuant to this loan agreement, the Authority lent the proceeds of the Bonds to the mortgaged entity for the purpose of providing funds, together with other available funds for (a) refunding a $98.1 million capital expansion of the Bluebonnet Campus including capitalized interest during the construction period, (b) funding a debt service reserve fund, (c) retiring previously issued bonds, and (d) pay certain costs incurred in connection with the issuance of the bonds. To provide a source of repayment of such loan, the mortgage entity executed a mortgage note and mortgage. Payments on the mortgage note and the mortgage, together with other available funds, will be required to be sufficient to pay the principal of, premium, if any, and interest on the Bonds as they become due. HUD, acting by and through FHA, ensures the advances of funds secured by the mortgage pursuant to Section 242 of Title II of the National Housing Act. Proceeds from the Series 2004 Bonds were used to refund previous bond issuances that were obligations of the Hospital. Approximately, $96,894,000 of the proceeds of the bonds, together with other monies of the Hospital, was used to refund the Series 1989A Bonds, Series 1989B Bonds, Series 1992 Bonds and Series 1994 Bond, which were redeemed within ninety (90) days after the delivery of the bonds. On December 4, 2012, the Louisiana Public Facilities Authority Series 2004 Bonds were defeased and a new mortgage payable was issued. The proceeds of the mortgage payable were used for the purpose of advance refunding and defeasance of the nontaxable Series 2004 Bonds. The mortgage was attached to the 2012 mortgage payable at the defeasance of the 2004 Bonds. This mortgage payable was refinanced on September 1, 2019. On December 31, 2018, Wells Fargo Bank issued debt for which BRGMC is obligated. The proceeds of the Series 2018 Bonds were used in refunding previously issued bond series, together with providing funds for the construction of a neighborhood hospital in Ascension Parish. A mortgage reserve fund was established as a trust fund with a trustee. As of September 30, 2024, the fund had a balance of $26,318,000, which is presented as a component of assets whose use is limited on the consolidated balance sheet. The related mortgages payable as of September 30th are summarized as follows (in thousands): Mortgage payable to Bank, original principal of $45,474,000 with interest rate of 4.74% per annum. Interest computed and payable monthly through April 2020. Beginning in May 2020, principal and interest payable monthly in the amount of $353,477, maturing May 1, 2035. Secured by building. Insured by HUD. Balance of $35,460 and $37,753 as of September 30, 2024 and 2023, respectively. Mortgage payable to Bank, with a principal balance of $129,158,260. Interest rate of 2.85%, principal and interest payable monthly in the amount $966,292, maturing on January 1, 2033. Secured by building. Insured by HUD. Balance of $85,596 and $94,671 at September 30, 2024 and 2023, respectively. Total of $121,056 and $132,424 at September 30, 2024 and 2023, repectively.
Title: Reconciliation of COVID-19 Grant Revenue Recognized in FS to SEFA
Accounting Policies: The schedule of expenditures of federal awards is prepared using the accrual basis of accounting. Complete Catalog of Assistance Listing numbers are presented for those programs for which such numbers were available. Assistance Listing prefixes and other identifying numbers are presented for programs for which a complete Assistance Listing number is not available.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
During 2020, the U. S. Department of Health and Human Services (HHS) began providing COVID-19 related Funding under Assistance Listing Number 93.498. The funds are to be utilized to offset eligible COVID-19 expenditures and lost revenues related to COVID-19 as defined in the program regulations. The System recognized amounts received as the programs requirements were met as shown in the table below. The amounts received and expended are reported in the SEFA according HHS periods of availability (also known as the "period of performance"). For the year ended September 30, 2021, $32,000 total funding received, $29,961,000 recognized as revenue in the statement of activities, $-0- recognized as deferred revenue, and $43,693,236 reported as federal expenditures on the SEFA. For the year ended September 30, 2022, $4,541,000 total funding received, $-0- recognized as revenue in the statement of activities, $4,541,000 recognized as deferred revenue, and $5,159,092 reported as federal expenditures on the SEFA. For the year ended September 30, 2023, $29,000 total funding received, $4,570,000 recognized as revenue in the statement of activities, $-0- recognized as deferred revenue, and $4,725,054 reported as federal expenditures on the SEFA. For the year ended September 30, 2024, $-0- total funding received, $-0- recognized as revenue in the statement of activities, $-0- recognized as deferred revenue, and $29,357 reported as federal expenditures on the SEFA.