Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures 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. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of OLE Health and Subsidiaries (the Organization) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations (CFR) 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 Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization.In accordance with guidance from the U.S. Department of Health and Human Services (HHS), the Organization included the Reporting Period 3 expenditures for Provider Relief Fund and American Rescue Plan Rural Distribution Assistance Listing No. 93.498 of $2,251,382 in the Schedule for the year ended June 30, 2022, to align with HHS reporting guidelines. In accordance with U.S. GAAP, $252,692 of Provider Relief Fund assistance received by the Organization 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. The remaining $1,998,690 of Provider Relief Fund assistance received by the Organization was recognized as revenue during the year ended June 30, 2022.
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures 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. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization did not provide any federal awards to subrecipients during the year ended June 30, 2022.