Notes to SEFA
Title: 1- BASIS OF PRESENTATION
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: For the purpose of chargining indirect costs to Federal awards, HCHI has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”)
includes the federal award activity of Highland – Clarksburg Hospital, Inc. (HCHI) 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 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 HCHI is not intended
to and does not present the financial position, changes in net assets, or cash flows of
HCHI.
Title: 2- Summary of Significant Accounting Policies
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: For the purpose of chargining indirect costs to Federal awards, HCHI has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting
in accordance with accounting principles generally accepted in the United States of
America. Such expenditures are recognized following, as applicable, either the cost
principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: 3-Indirect Cost Rate
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: For the purpose of chargining indirect costs to Federal awards, HCHI has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
For the purpose of charging indirect costs to Federal awards, HCHI has not elected to
use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform
Guidance.
Title: 4- USDA Loan
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: For the purpose of chargining indirect costs to Federal awards, HCHI has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
The total balance of the loan outstanding at September 30, 2024 is $25,545,058.