Notes to SEFA
Title: Single Audit Overview
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shenandoah Valley Medical System, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: NA
The Single Audit is the performance of a uniform audit of all Shenandoah Valley Medical System, Inc.’s federal grants in conjunction with the annual audit of the basic combined financial statements. The adoption of such a procedure was formalized by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Single Audit fulfills all the Federal agencies’ audit requirements, which include financial compliance and the adequacy of internal control. The programs tested as major programs are indicated on the Schedule of Findings and Questioned Costs and amounted to 82% of total federal award expenditures.
Title: Fiscal Period Audited
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shenandoah Valley Medical System, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: NA
Single Audit testing procedures were performed for transactions occurring during the fiscal year ended March 31, 2023.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shenandoah Valley Medical System, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: NA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shenandoah Valley Medical System, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. The Organization has chosen to use the de minimus 10% rate for indirect cost allocation. The programs had no subrecipients.
Title: Reconciliation of SEFA to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shenandoah Valley Medical System, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: NA
See the Notes to the SEFA for chart/table