Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bon Secours Mercy Health (the Company). The accompanying schedule is presented using 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Federal Student Loan Program
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
With respect to the Federal Student Loan Program, the Company is only responsible for the performance of certain administrative duties related to approving and disbursing the loan and has no ongoing responsibility for administration of the loan; therefore, the transaction and the balances of the loans outstanding related to this program are not included in the Company’s consolidated financial statements. The schedule of expenditures of federal awards includes the amounts loaned to students during the year ended December 31, 2024.
Title: Indirect Cost
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Company has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Personal Protective Equipment Receipts
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Company has not received donated personal protective equipment (PPE) from various governmental entities.
Title: Federal Emergency Management Agency: Disaster Grants
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Company received disaster grant awards in 2024 related to COVID-19. Expenditures included in the Schedule for ALN 97.036 Disaster Grants – Public Assistance (Presidentially Declared Disasters) of $61.1 million relate to the recovery of expenses incurred by the Company prior to the year ended December 31, 2024.