Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (SEFA) 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. Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) for the year ended June 30, 2024 includes the federal grant activity of Oaklawn Psychiatric Center, Inc. (OPC) only and not the consolidated affiliates and is presented on the accrual basis of accounting. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. OPC’s consolidated affiliates, Oaklawn Apartments, Inc., Simadon Corporation and Madison Residential Services, Inc. (collectively referred to as HUD Affiliates) received approximately $3,208,000 in federal awards which are not included in OPC’s accompanying SEFA for 2024. These HUD Affiliates were independently audited by other auditors in accordance with Title 2 U.S. CFR Part 200. The basic consolidated financial statement classifications may include other financial activity for reporting purposes. Therefore, some of the amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
Title: HUD SUPPORTED HOUSING AND HOME INVESTMENT PARTNERSHIPS PROGRAMS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (SEFA) 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. Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Oaklawn Psychiatric Center, Inc. (OPC) had the following balances outstanding as of June 30, 2024 from United States Department of Housing and Urban Development (HUD) Supported Housing and HOME Investment Partnerships Programs through HUD for the construction and renovation of a group home facility. These amounts were recorded on the SEFA in the year the proceeds were expended.
Title: SUB-RECIPIENT PASS THROUGH
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (SEFA) 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. Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Oaklawn Psychiatric Center, Inc. (OPC) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
OPC did not pass through federal awards to sub-recipients during 2024.