Audit 411217

Basis of Presentation—Mount Sinai Medical Center of Florida, Inc. and subsidiaries (the “Medical Center”) records financial transactions for grants in numerous cost centers. Many of the federal programs administered by the Medical Center follow fiscal periods other than the Medical Center’s fiscal years. The majority of grant awards administered by the Medical Center are funded on a cost reimbursement basis. Various reimbursement procedures are used for funding to match expenditures made by the Medical Center for services provided under the grant agreement. Consequently, timing differences between expenditures and program reimbursements may exist. The information in the supplemental schedule of expenditures of federal awards and state financial assistance (the “Schedule”) is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and the State of Florida Rules of the Auditor General Chapter 10.650 State Single audit Act Audits of Non-Profit and For-Profit Organizations. Assistance Listing Number (ALN) for federal programs and Catalog of State Financial Assistance (CSFA) numbers for state programs and pass-through numbers are provided when available. Basis of Accounting—The accompanying supplemental schedule of expenditures of federal awards and state financial assistance is presented on the accrual basis of accounting. This is consistent with the basis of accounting used in the preparation of the basic consolidated financial statements.

The Medical Center was awarded an indirect cost rate of 64% for federal grants.

Certain costs reflected in the Schedule in the current year may represent costs incurred in prior years that have been approved for reimbursement by the granting agency and recorded in the current year schedule. The program that was affected was the 97.036 Disaster Grants – Public Assistance (Presidentially Declared Disasters) which had a total of $9,638,828 of expenses that related to the prior year.