Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Louisiana State University School of Medicine in New Orleans Faculty Practice Group, a Louisiana non-profit corporation, d/b/a LSU Healthcare Network (LSUHN) under programs of the federal government for the year ended June 30th. The schedule is prepared using the full accrual basis of accounting. Grant revenues are included in the statement of revenues, expenses and changes in net position for the year ended June 30, 2022 as follows: Schedule of Expenditures of Federal Awards $3,476,831. 2021 COVID-19 - Provider Relief Funds (Not Reported on SEFA) $(3,476,831). LSUHN received COVID-19 Provider Relief Funds during the years ended June 30, 2022 and 2021, in the amounts of $-0- and $3,476,831, respectively. Based on compliance requirements by the U.S. Department of Health and Human Services, payments received from January 1, 2021 to June 30, 2021, have a deadline of June 30, 2022 to use funds and are reported on the SEFA for the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.