Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Medical Center does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Chicot Memorial Medical Center (Medical Center) under programs of the federal government for the year ended March 31, 2023. 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 Medical Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Medical Center.
Title: Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Medical Center does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The Medical Center received $-0- and $731,344 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) (PRF program) during the years ended March 31, 2023 and 2022, respectively. The Authority incurred eligible expenditures, including lost revenue, and therefore, recognized revenues of $731,344 and $-0- during the years ended March 31, 2023 and 2022. In accordance with the 2022 compliance supplement, the PRF program expenditures recognized on the schedule are based on reporting to HHS for Period 4, defined as payments received between July 1, 2021 and December 31, 2021 totaling $731,344.