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: Y
Rate Explanation: Penobscot Valley Hospital and Subsidiary has elected to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Penobscot Valley Hospital and Subsidiary under programs of the federal
government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with 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 Penobscot Valley Hospital and Subsidiary, it is not intended to and does not present the financial position, changes
in net assets or cash flows of Penobscot Valley Hospital and Subsidiary.
Title: Loan Programs
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: Y
Rate Explanation: Penobscot Valley Hospital and Subsidiary has elected to use the 10% de minimis indirect cost rate.
Penobscot Valley Hospital and Subsidiary have promissory notes outstanding through the U.S. Department of Agriculture (USDA). As required, the Schedule reflects the outstanding balances as
of January 1, 2024. The balances outstanding at December 31, 2024 were $3,528,455.