Notes to SEFA
Title: Basis of Presentation
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, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Facility has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award of Bishop
Wicke Health and Rehabilitation Center, Inc. (the “Facility”) under programs of the federal government
for the year ended September 30, 2024. The information in this Schedule is presented in accordance
with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”).
Because the Schedule presents only a selected portion of the operations of the Facility, it is not
intended to and does not present the financial position, changes in net assets (deficit) or cash flows of
the Facility.
Title: Non Cash Awards
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, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Facility has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.
The Facility has a mortgage payable with a balance outstanding of $6,681,682 at September 30, 2024.
The loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. The Facility received no additional loans during the year.