Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Oswego Hospital and Affiliate (the Hospital) 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 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, results of operations and changes in net assets or cash flows of the Hospital.
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.
The Hospital provided no federal awards to subrecipients for the year ended December 31, 2024.
The Hospital has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Hospital has mortgage notes insured by the U.S. Department of Housing and Urban Development (HUD) under Section 242 of the National Housing Act. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the schedule. The Hospital received no additional loans during the year. The Hospital was provided mortgage insurance on its mortgage notes payable and recognized mortgage insurance premium expense amounting to $15,946 for the year ended December 31, 2024. The aggregate balance of the mortgage notes outstanding at December 31, 2024 consists of: CFDA Number Program name Outstanding balance at December 31, 2024 14.128 Section 242 HUD-insured mortgage notes $ 11,491,832