Notes to SEFA
Title: NOTE 1BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and New Jersey OMB Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Holy Redeemer Health System has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and New Jersey OMB Circular.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Holy Redeemer Health System under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and the New Jersey Office of Management and Budget Circular 15-08 (NJ OMB Circular). Because the Schedule presents only a selected portion of the operations of Holy Redeemer Health System, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Redeemer Health System. Holy Redeemer Health Systems consolidated financial statements include the operations of the Drueding Center, which received $3,213,949 in federal awards that are not included in the Schedule of Expenditures of Federal Awards for the year ended June 30, 2022. The U.S. Department of Housing and Urban Development required a separate single audit to be performed on that entity in accordance with the Uniform Guidance.
Title: NOTE 4CONSOLIDATED FINANCIAL STATEMENT REVENUE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and New Jersey OMB Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Holy Redeemer Health System has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and New Jersey OMB Circular.
The consolidated financial statements reflect revenue recognized from the Provider Relief Fund (PRF) of approximately $16,263,000 and $36,486,000 for the years ended June 30, 2022 and 2021, respectively. Included in the revenue recognized during the year ended June 30, 2022 is approximately $350,000 received during PRF Period 2 and 3 that was deferred from fiscal year 2021. The remaining revenue recognized during the year ended June 30, 2022 was received during PRF Periods 4 and 5. The SEFA includes PRF of $27,151,948 received in Period 2 and 3 in accordance with the requirements of the compliance supplement for assistance listing number 93.498.