Notes to SEFA
The accounting policies and presentation of the Single Audit Report of Trenton Medical Center, Inc. d/b/a Palms Medical Group (the Organization) have been designed to conform to generally accepted accounting principles as applicable to voluntary health and welfare agencies, including the reporting and compliance requirements of the Audits of States, Local Governments, and Non-Profit Organizations and Office of Management and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The reporting entity consists of the Organization. The Organization includes a schedule of expenditures of federal awards in the Single Audit Section.
The accrual basis of accounting is followed in the schedule of expenditures of federal awards. Under the accrual basis, revenues are recognized when they become earned. Expenses generally are recorded when a liability is incurred.
The Organization had no subrecipients during the fiscal year.
The Organization incurred program income, as described in 42 USC 254b(e)(5)(A)(ii), which totaled $66,607,999. These funds were used in accordance with 42 USC 254b(e)(5)(D).
The Organization did not use the 15 percent de minimis indirect cost rate.