Notes to SEFA
Title: Significant Accounting Policies Used in Preparing the SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activities of Memorial Health and Subsidiaries (Memorial Health) under programs of the federal government for the year ended September 30, 2024. The information in the 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). Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Memorial Health has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance because Memorial Health has a negotiated rate in place.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Memorial Health and Subsidiaries (Memorial Health) under programs of the federal government for the year ended September 30, 2023. 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). Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Title: 10% De Minimis Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activities of Memorial Health and Subsidiaries (Memorial Health) under programs of the federal government for the year ended September 30, 2024. The information in the 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). Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Memorial Health has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance because Memorial Health has a negotiated rate in place.
Memorial Health has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance because Memorial Health has a negotiated rate in place.
Title: Disaster Grants – Public Assistance (Presidentially Declared Disasters) For the Federal Emergency Management Agency (FEMA), (Assistance Listing No. 97.036)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activities of Memorial Health and Subsidiaries (Memorial Health) under programs of the federal government for the year ended September 30, 2024. The information in the 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). Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Memorial Health has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance because Memorial Health has a negotiated rate in place.
Memorial Health incurred eligible disaster expenditures related to the COVID-19 pandemic in prior fiscal years; however, FEMA did not approve the project worksheet until 2024. As a result, Assistance Listing No. 97.036 federal expenditures reported in the Schedule for the year ended December 31, 2024 were incurred in prior years.