Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of Holy Name Medical Center, Inc. and Subsidiaries under programs of the federal and New Jersey state government for the year ended December 31, 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") and New Jersey OMB Circular Letter 25-12-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (Circular Letter 25-12-OMB). Because the Schedule presents only a selected portion of the operations of Holy Name Medical Center, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Name Medical Center, Inc. and Subsidiaries.
Expenditures reported on the Schedule are reported on the accrual basis of accounting of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 25-12-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Company has elected not to use the 10% de minimis indirect cost rate permitted under the Uniform Guidance.
During the year ended December 31, 2025, the Company processed approximately $1,179,000 in new loans under the Federal Direct Student Loan ("FDSL") Program (which includes the Stafford Loan Program) (Federal Assistance Listing No. 84.268). Since the FDSL Program is administered by the U.S. Department of education, new loans made during the year ended December 31, 2025, relating to this program are considered current period federal expenditures, whereas the outstanding balances are not. The total for new loans made or received during the year ended December 31, 2025, is reported in the accompanying schedule of expenditures of federal awards.