Title: 1
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Sharp and is presented on the accrual basis of accounting. The information on 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements of Sharp. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cost rate. Sharp uses a negotiated indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Sharp and is presented on the accrual basis of accounting. The information on 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements of Sharp. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance.
Direct and indirect costs are charged to awards in accordance with cost principles contained in the United States Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for federal awards subject to the requirements of the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, Sharp did not make this election and uses a negotiated indirect cost rate.
Title: 2
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Sharp and is presented on the accrual basis of accounting. The information on 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements of Sharp. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cost rate. Sharp uses a negotiated indirect cost rate.
In accordance with the guidance from the U.S. Department of Homeland Security, the amount presented on the Schedule for Assistance Listing Number 97.036 – COVID-19 Disaster Grants – Public Assistance (Presidentially Declared Disasters), represents expenditures that were incurred and approved by the Federal Emergency Management Agency (FEMA) for the year ended September 30, 2024. Sharp reported $12,229,782 in COVID-19 related funding from FEMA for the year ended September 30, 2024 on the Schedule. Of the $12,229,782 reported on the Schedule, $12,229,782 was incurred prior to the year ended September 30, 2024.