Title: NOTE A--BASIS OF PRESENTATION
Accounting Policies: NOTE A - The accompanying Schedule of Expenditures of Federal Awards includes the federal loan and grant activity of Pikeville Medical Center and subsidiaries (the Hospital) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 in, or used in the preparation of, the basis consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal loan and grant activity of Pikeville Medical Center and subsidiaries (the Hospital) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 in, or used in the preparation of, the consolidated financial statements.
Title: NOTE B--SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A - The accompanying Schedule of Expenditures of Federal Awards includes the federal loan and grant activity of Pikeville Medical Center and subsidiaries (the Hospital) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 in, or used in the preparation of, the basis consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
Loan Balance Outstanding: There were no proceeds received or expended by the Hospital under the Community Facilities program during the year ended September 30, 2024. The expenditures reported on the Schedule of Expenditures of Federal Award represent the total balance of the loans outstanding at October 1, 2023 of $188,356,179. The total balance of the loans outstanding at September 30, 2024 is $184,599,239.
De Minimis Indirect Cost Rate: The Hospital has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
Title: NOTE C--CONTENGENCIES
Accounting Policies: NOTE A - The accompanying Schedule of Expenditures of Federal Awards includes the federal loan and grant activity of Pikeville Medical Center and subsidiaries (the Hospital) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 in, or used in the preparation of, the basis consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Hospital has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The Hospital's federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditure and affect the Hospital's continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Hospital expects such amount, if any, to be immaterial.