Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Hospital has elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Jersey Community Hospital District under programs of the federal government for the fiscal year ended June 30, 2023. Because the Schedule presents only a selected portion of the operations of Jersey Community Hospital District, it is not intended to, and does not, present the financial position, changes in net position, revenues, and expenditures of Jersey Community Hospital District.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Hospital and agencies and departments of the federal government and all sub-awards to the Hospital by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The Schedule presents expenditures by federal agency for the Hospital’s major and nonmajor programs in accordance with the provisions of the U.S. Office of Management and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: SUBRECIPIENTS
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Hospital has elected to use the 10% de minimis indirect cost rate.
The Hospital did not pass through any federal funds to subrecipients during the year ended June 30, 2023.
Title: NONMONETARY DISTRIBUTIONS
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Hospital has elected to use the 10% de minimis indirect cost rate.
None.
Title: INSURANCE
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Hospital has elected to use the 10% de minimis indirect cost rate.
The Hospital had no insurance as it relates to federal programs in effect for the year ended June 30, 2023.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Hospital has elected to use the 10% de minimis indirect cost rate.
The Hospital had no outstanding loans or loan guarantees from federal sources as of June 30, 2023.