Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Phillips County Hospital Association under programs of the federal government for the year ended April 30, 2025. 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 Phillips County Hospital Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Phillips County Hospital Association.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal assistance has been provided to a subrecipient.
Phillips County Hospital Association does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported in this Schedule under the Rural Development Program Community Facilities Loans and Grants consist of the beginning of the year outstanding loan balances plus advances during the year. During the year, there were no advances. The outstanding balances at April 30, 2025, totaled $714,202.