Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATERenown Health has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Renown Health, under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of Renown Health, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of Renown Health. The Schedule includes expenditures of federal awards from Renown Regional Medical Center (Taxpayer Identification Number 88-0213754), Renown South Meadows Medical Center (Taxpayer Identification Number 46-0517825) and Hometown Health Management Company (Taxpayer Identification Number 88-0236758).In accordance with guidance from the U.S. Department of Health and Human Services (DHHS), Renown Health included the Reporting Period 2 & 3 expenditures for Provider Relief Fund Assistance Listing No. 93.498 of $24,125,528 in the Schedule for the year ended June 30, 2022, to align with DHHS reporting guidelines. In accordance with U.S. GAAP, the total amount of $24,125,528 of Provider Relief Fund assistance received by Renown Health was recognized as revenue during the year ended June 30, 2021, and is included in beginning net assets as of and for the year ended June 30, 2022.
Title: SUBRECIPIENT AWARDS
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATERenown Health has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
NOTE 4 SUBRECIPIENT AWARDSRenown Health did not provide any federal awards to subrecipients during the year ended June 30, 2022.