Notes to SEFA
Title: General Information
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.
The accompanying schedules of expenditures of federal awards and state financial assistance present the activities in all federal and state awards of Ocean Health Initiatives, Inc. All financial assistance received directly from federal and state agencies as a well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the schedule.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedule") include the federal and state award activity of Ocean Health Intiatives, Inc. under programs of the federal and state government for the year ended December 31, 2023. The information in the schedules 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") and the state of New Jersey Circular Letter 15-08-OMB. Because the schedule present only a selected portion of the operatiions of Ocean Health Intitaives, Inc. they are not intended and do not present the financial position, chnages in net assets, or cash flows of Ocean Health Initatives, Inc.
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.
Federal and state expenditures are reported on the statements of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedules of expenditures of federal and state awards due to program expenditures exceeding grant or contract budget limitations or Organization matching or in-kind contributions which are not included as federal awards and state financial assistance.
Title: Preventative and Primary Care Program
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.
OHI contracted with the State of New Jersey Department of Health to provide health and medical services to the uninsured population under the Preventive and Primary Care Program. This Letter of Agreement pays OHI a fixed amount per visit regardless of the actual costs incurred. During the year ended December 31, 2023, the amount earned and recognized as revenue under the Letter of Agreement was $900,802.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.
The Organization provided no federal or state awards to sub recipients for the year ended December 31, 2023.