Notes to SEFA
Title: (1) Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA were the following: Cost Accounting principles contained in the Unifrm Guiidance and Cost Principles for Non Profit Organizations (2 CFR part 230). Under these cost principles, certain types of expenditures are not allowed or are limited as to reimbursement. Expenditures include a portion of costs associated with general institute activities (facilities and administrative costs or indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: Y
Rate Explanation: St. Francis does not have an Federal Indirect Cost Rate agreement , therefore, it uses the de minimis cost rate.
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present those activities of St. Francis Regional Medical Center (the Medical Center) for the year ended December 31, 2024, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include all federal assistance entered into directly between the Medical Center and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. The Schedule does not include payments received under Medicare and Medicaid reimbursement programs. Since the Schedule presents only a selected portion of the activities of the Medical Center, it is not intended to, and does not, present the consolidated financial position, revenue and expenses, changes in net assets, and cash flows of the Medical Center. Expenditures are recognized as incurred using the accrual method of accounting
Title: (2) Relationship to the Consolidated Financial Statements
Accounting Policies: The significant accounting policies used in preparing the SEFA were the following: Cost Accounting principles contained in the Unifrm Guiidance and Cost Principles for Non Profit Organizations (2 CFR part 230). Under these cost principles, certain types of expenditures are not allowed or are limited as to reimbursement. Expenditures include a portion of costs associated with general institute activities (facilities and administrative costs or indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: Y
Rate Explanation: St. Francis does not have an Federal Indirect Cost Rate agreement , therefore, it uses the de minimis cost rate.
Federal awards revenue is reported as other revenue in the consolidated financial statements of the Medical Center.
Title: (3) Indirect Cost Rates
Accounting Policies: The significant accounting policies used in preparing the SEFA were the following: Cost Accounting principles contained in the Unifrm Guiidance and Cost Principles for Non Profit Organizations (2 CFR part 230). Under these cost principles, certain types of expenditures are not allowed or are limited as to reimbursement. Expenditures include a portion of costs associated with general institute activities (facilities and administrative costs or indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: Y
Rate Explanation: St. Francis does not have an Federal Indirect Cost Rate agreement , therefore, it uses the de minimis cost rate.
The Medical Center has elected to utilize the 10% de minimus indirect cost rate allowed under the Uniform Guidance. No indirect costs were recognized for the year ended December 31, 2024.
Title: (4) COVID-19 – Disaster Grants – Public Assistance (Presidentially Declared Disasters)
Accounting Policies: The significant accounting policies used in preparing the SEFA were the following: Cost Accounting principles contained in the Unifrm Guiidance and Cost Principles for Non Profit Organizations (2 CFR part 230). Under these cost principles, certain types of expenditures are not allowed or are limited as to reimbursement. Expenditures include a portion of costs associated with general institute activities (facilities and administrative costs or indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: Y
Rate Explanation: St. Francis does not have an Federal Indirect Cost Rate agreement , therefore, it uses the de minimis cost rate.
The Medical Center was provided an additional $62,777 in 2025 for the FEMA project 737727 under the COVID-19 – Disaster Grants – Public Assistance (Presidentially Declared Disasters) on the Schedule of Expenditures of Federal Awards.