Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year.
De Minimis Rate Used: N
Rate Explanation: Pocahontas Memorial Hospital (the Hospital), a component unit of the Pocahontas County Commission, Pocahontas County, West Virginia, has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pocahontas Memorial Hospital (the Hospital), a component unit of the Pocahontas County Commission, Pocahontas County, West Virginia, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the 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.
Title: U.S. Department of Agriculture Loan and Loan Guarantee
Accounting Policies: 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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year.
De Minimis Rate Used: N
Rate Explanation: Pocahontas Memorial Hospital (the Hospital), a component unit of the Pocahontas County Commission, Pocahontas County, West Virginia, has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes loans and loan guarantees totaling $3,673,940 received or guaranteed by the U.S. Department of Agriculture (USDA) during the year. There were no interest subsidies, cash or administrative cost allowances received during the year ended June 30, 2024. The balance of the loans and loan guarantees as of June 30, 2024, amounted to $5,637,750.