Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures and federal awards (the Schedule) includes federal award activityof Community Outreach Medical Center (the Center) under programs of the federal government for the yearended December 31, 2022. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Center, it is not intended to and does not present the financial position, changesin net assets, or cash flows of the Center.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Indirect Cost RateThe Company uses the 10% de minimum indirect cost rate for its federal awards in accordance with the awardagreements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.