Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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 Hospital does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Horn Memorial Hospital (the Hospital) 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). Because the schedule presents only a selected portion of the operations of the Hospital, it is not intended to and does not present the balance sheet, statements of operations, changes in net assets, and statement of cash flows of the Hospital.
Title: Community Facilities Loan Program
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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 Hospital does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditures reported in this schedule under the U.S. Department of Agriculture (USDA) Rural Development Program Community Facilities Loans and Grands (Federal Assistance Listing 10.766) consist of the beginning of
the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at December 31, 2024 for the USDA loans was $6,169,778.