Notes to SEFA
Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Kremmling Memorial Hospital District (the Hospital) under programs of the federal government for the year ended December 31, 2024. The information 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). Because the schedule presents only a selected portion of the operations of the Hospital, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Hospital.
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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Hospital has not elected to use the 10% de minimis cost rate.
Expenditures reported on this schedule consists of the beginning of the year outstanding loan balance of the Hospital’s USDA direct loan of $37,995,730, of which $37,642,899 is guaranteed by USDA. If applicable, advances made on the loan during the year are reported on the Schedule. The Hospital made no advances on the loan during the year ended December 31, 2024. The Hospital’s outstanding loan balance for the direct loan as of December 31, 2024, was $0.