Notes to SEFA
Title: Note 1: Basis of presentation
Accounting Policies: Basis of Accounting - The accompanying schedule of expenditures of federal awards is presented using the accrual method 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.
De Minimis Rate Used: Both
Rate Explanation: Indirect Cost Rate - The Foundation has elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance on some grants.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Virginia Hospital Research and Education Foundation (d/b/a VHHA Foundation) (the "Foundation") under programs of the federal government for the year ended September 30, 2022. 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"). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Foundation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 3: Contingency
Accounting Policies: Basis of Accounting - The accompanying schedule of expenditures of federal awards is presented using the accrual method 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.
De Minimis Rate Used: Both
Rate Explanation: Indirect Cost Rate - The Foundation has elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance on some grants.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Foundation. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.