Notes to SEFA
Title: Community Facilities Loans and Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Schoolcraft Memorial Hospital (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 net position, changes in net position, or cash flows of
the Hospital.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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 does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding USDA direct loan
balances which total $26,794,152 and the beginning of the year outstanding USDA guaranteed loan balance of
$1,786,946. The total outstanding USDA direct loan balances at December 31, 2024 totaled $25,788,368 and the
balance of the USDA guaranteed loan was $1,763,269.