Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Madison Community Hospital d/b/a Madison Regional Health System (the System) under programs of the federal government for the year ended June 30, 2025. The information 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 System, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the System.
Expenditures reported in this schedule consist of the beginning of the year outstanding balance for the direct loans and a guaranteed bond. There were no loan advances during the year ended June 30, 2025. Amounts reported on the schedule include three direct loans and a guaranteed bond. The guaranteed bond is guaranteed by the U.S. Department of Agriculture for up to 90% of the bond, and specifically identified as the Series 2013A Secured Rural America Bond. The outstanding balance at June 30, 2025 was $17,658,939 for the 2016 direct USDA loans and $5,896,071 for the Series 2013A Secured America Bond guaranteed by USDA.