Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grantactivity of the Medical Center, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the applicable requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). The amount inthe accompanying schedule represents the highest loan balances during the year under audit.The outstanding loan balance at June 30, 2022 was $27,441,906. Because the schedule ofexpenditures of federal awards presents only a selected portion of the operations of theMedical Center, it is not intended to and does not present the financial position, changes innet assets, or cash flows of the Medical Center.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
MORTGAGE INSURANCE_HOSPITALS (14.128) - Balances outstanding at the end of the audit period were 27441906.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grantactivity of the Medical Center, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the applicable requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). The amount inthe accompanying schedule represents the highest loan balances during the year under audit.The outstanding loan balance at June 30, 2022 was $27,441,906. Because the schedule ofexpenditures of federal awards presents only a selected portion of the operations of theMedical Center, it is not intended to and does not present the financial position, changes innet assets, or cash flows of the Medical Center.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No funds were identified as having been provided to subrecipients by the Medical Center and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance. The Medical Center has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.