Notes to SEFA
BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltaMed Health Services Corporation (AltaMed) 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 AltaMed, it is not intended to and does not present the financial position, changes in net assets, or cash flows of AltaMed.
BASIS OF ACCOUNTING Expenditures 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. Program expenditures in excess of the maximum reimbursement authorized or the program expenditures that were funded with nonfederal funds are excluded from the accompanying Schedule. Subject to limitations, AltaMed is allowed to use a provisional indirect cost rate of 26% for all programs related to grants, contracts and agreements with the federal government for the year ended December 31, 2024, and therefore does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
SUBRECIPIENTS AltaMed provided federal awards of $604,703 to subrecipients for the year ended December 31, 2024.