Notes to SEFA
Title: Basis of Presentation and Significant Accounting Principles
Accounting Policies: Expenditures for direct costs within the Schedule are recognized using the accrual method of accounting and in accordance with The Department of Health and Human Services, U.S, Office of the Assistant Secretary Comptroller("OASC) OASC-3, A Guide for Hospitals. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: When applicable, Flushing applies the indirect cost rate approved by the granting agency at the time of the award. In cases where the granting agency does not disclose a specific rate, Flushing utilizes the de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance (10% for awards granted before October 1, 2024 and 15% for awards granted after October 1, 2024).
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant activity of Flushing Hospital Medical Center and its subsidiary("Flushing"). 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"). The purpose of the Schedule is to present a summary of those activities of Flushing for the year ended December 21, 2024 which have been funded by the federal government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of loans or grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance. Where available, pass-through entity indentifying numbers are included in the Schedule. Because the Schedule presents only a selected portion of the activities of Flushing, it is not intended to and does not present either the financial position or the revenues, expenditures, and other changes in net assets(deficit) of Flushing. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of Flushing's consolidated financial statements. Expenditures for direct costs within the Schedule are recognized using the accrual method of accounting and in accordance with the Department of Health and Human Services, U.S. Office of the Assistant Secretary Comptroller("OASC") OASC-3, A Guide for Hospitals. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. When applicable, Flushing applies the indirect cost rate approved by the granting agency at the time of the award. In cases where the granting agency does not disclose a specific rate, Flushing utilizes the de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance (10% for awards granted before October 1, 2024 and 15% for awards granted after October 1, 2024.