Title: Loan Program
Accounting Policies: The accompanying Schedules of Expenditures of Federal and State Awards (the Schedules) include the federal and state grant activity of Holy Name Medical Center, Inc. and Subsidiaries (the Company) for the year ended December 31, 2022 and are presented on the accrual basis of accounting. The information on the Schedules are 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 (the Uniform Guidance) and New Jersey OMB Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (Circular Letter 15-08-OMB). In accordance with applicable requirements, certain programs may be presented in a fiscal period based on the program-specific guidance (see Notes 3 and 4). Therefore, some amounts presented in the Schedules may differ from amounts presented in, or used in the preparation of, the Companys consolidated financial statements. For purposes of the Schedules, federal and state awards include any assistance provided by a federal and state agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance. Federally funded amounts that are passed through state agencies are included on the Schedule of Expenditures of Federal Awards and are excluded from the Schedule of Expenditures of State Awards. Direct and indirect costs are charged to awards in accordance with cost principles contained in the United States Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
During the year ended December 31, 2022, the Company processed $1,253,857 in new loans under the Federal Direct Student Loans (FDSL) Program (which includes the Stafford Loan Program) (Federal Assistance Listing No. 84.268). Since the FDSL Program is administered by the U.S. Department of Education, new loans made during the year ended December 31, 2022, relating to this program are considered current period federal expenditures, whereas the outstanding balances are not. The total for new loans made or received during the year ended December 31, 2022, is reported in the accompanying Schedule of Expenditures of Federal Awards.
Title: COVID-19 Disaster Grants Public Assistance (Presidentially Declared Dis
Accounting Policies: The accompanying Schedules of Expenditures of Federal and State Awards (the Schedules) include the federal and state grant activity of Holy Name Medical Center, Inc. and Subsidiaries (the Company) for the year ended December 31, 2022 and are presented on the accrual basis of accounting. The information on the Schedules are 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 (the Uniform Guidance) and New Jersey OMB Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (Circular Letter 15-08-OMB). In accordance with applicable requirements, certain programs may be presented in a fiscal period based on the program-specific guidance (see Notes 3 and 4). Therefore, some amounts presented in the Schedules may differ from amounts presented in, or used in the preparation of, the Companys consolidated financial statements. For purposes of the Schedules, federal and state awards include any assistance provided by a federal and state agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance. Federally funded amounts that are passed through state agencies are included on the Schedule of Expenditures of Federal Awards and are excluded from the Schedule of Expenditures of State Awards. Direct and indirect costs are charged to awards in accordance with cost principles contained in the United States Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
The Company incurred certain expenditures related to the Coronavirus 2019 (COVID-19) Pandemic which are eligible for reimbursement from the Federal Emergency Management Agency (FEMA) Disaster Grants Public Assistance (Presidentially Declared Disasters) (Federal Assistance Listing No. 97.036). The Company has applied for and received approval for reimbursement of qualifying expenses totaling approximately $4,875,000 from FEMA. The costs were incurred in prior periods and approved by FEMA in 2022. This amount has been included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022, in accordance with the guidance specific to Federal Assistance Listing No. 97.036. Other FEMA project worksheets have been submitted by the Company but were not obligated in 2022. The Company will continue to finalize the project worksheets previously submitted to FEMA and intends to submit additional applications for funding for costs incurred; however, the ultimate amount that the Company may be reimbursed is uncertain.
Title: COVID-19 Provider Relief Fund and American Rescue Plan (ARP) Rural Distri
Accounting Policies: The accompanying Schedules of Expenditures of Federal and State Awards (the Schedules) include the federal and state grant activity of Holy Name Medical Center, Inc. and Subsidiaries (the Company) for the year ended December 31, 2022 and are presented on the accrual basis of accounting. The information on the Schedules are 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 (the Uniform Guidance) and New Jersey OMB Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (Circular Letter 15-08-OMB). In accordance with applicable requirements, certain programs may be presented in a fiscal period based on the program-specific guidance (see Notes 3 and 4). Therefore, some amounts presented in the Schedules may differ from amounts presented in, or used in the preparation of, the Companys consolidated financial statements. For purposes of the Schedules, federal and state awards include any assistance provided by a federal and state agency directly or indirectly in the form of grants, contracts, cooperative agreements, loan and loan guarantees, or other non-cash assistance. Federally funded amounts that are passed through state agencies are included on the Schedule of Expenditures of Federal Awards and are excluded from the Schedule of Expenditures of State Awards. Direct and indirect costs are charged to awards in accordance with cost principles contained in the United States Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Company did not make this election and uses a negotiated indirect cost rate.
In accordance with the U.S. Department of Health and Human Services requirements specific to Federal Assistance Listing No. 93.498, COVID-19 Provider Relief Fund and American Rescue Plan Rural Distribution (PRF), the amount presented on the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022 for Federal Assistance Listing No. 93.498 relates to PRF payments received from January 1, 2021 through December 31, 2021, used for PRF-eligible activity from the period January 1, 2020 through December 31, 2022. The amount presented on the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022 reconciles to the PRF information previously reported to the Health Resources and Services Administration (HRSA) for PRF Reporting Periods 3 and 4 as follows: See Notes to the SEFA for chart/table. The lost revenues incurred by the Company during the periods of availability through PRF Reporting Period 4 (January 1, 2020 through December 31, 2022) are in excess of the distributions received in PRF Reporting Periods 1 and 2 (which addressed payments received during April 10, 2020 to December 31, 2020, and previously reported on the Schedule of Expenditures of Federal Awards for the year ended December 31, 2021) and distributions received in PRF Reporting Periods 3 and 4 (January 1, 2021 through December 31, 2021) and, therefore, the amounts presented in the table above and on the accompanying Schedule of Expenditures of Federal Awards are limited to distributions received in PRF Reporting Periods 3 and 4.