Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Memphis Health Center, Inc. under programs of the federal government for the year ended May 31, 2024. The information in this 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). Because the Schedule presents only a selected portion of the operations of Memphis Health Center, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of Memphis Health Center, Inc. The Schedule of Expenditures of State Awards includes the state of Tennessee grant expenditure activity of the Center for the year ended May 31, 2024 and is presented using the accrual basis of accounting. Because the Schedule of Expenditures of State Awards presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets or cash flows of Memphis Health Center, Inc.
Expenditures reported on the Schedule are reported on the of accrual 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Memphis Health Center, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.