Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at December 31, 2022, was $29,804,966.
Title: Provider Relief Funds and American Rescue Plan Rural Distribution
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Hospital received amounts from the U.S. Department of Health and Human Services (HHS) through the Provider Relief Fund (PRF) and American Rescue Plan (ARP) Rural Distribution program (Federal Financial Assistance Listing #93.498) in the amount of $7,105,414 as of December 31, 2022. The PRF expenditures are not recognized on the schedule until the expenditures are included in the reporting to HHS as required under the PRF program. The total amount of PRF program expenditures included on the schedule requires management to make estimates and assumptions that affect the reporting amounts. Accordingly, such expenditures are considered a significant estimate. Estimates and assumptions may include reducing actual expenses by amounts that havebeen reimbursed, or are obligated to be reimbursed by other sources, and estimating marginal increases in expenses related to coronavirus. Actual amounts could differ from those estimates.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of River's Edge Hospital and Clinic (the Hospital) under programs of the Federal Government for the year ended December 31, 2022. The information 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). Because the schedule presents only a selected portion of the operations of the Hospital, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Hospital.