Notes to SEFA
Title: Subsequent Events
Accounting Policies: Expenditures reported on the schedule of federal awards ("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 amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to the funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Elwyn of Pennsylvania and Delaware and Elwyn New Jersey, and Elwyn California have elected not to use the 10 percent de minimis indirect cost rate for federal contracts allowed under the Uniform Guidance.
The Organization has evaluated subsequent events occurring after the consolidated financial statements date of June 30, 2022 through November 15, 2022, except for our report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is January 31, 2023, which is the date these consolidated financial statements were available to be issued. No events arose during that period which would require adjustments or additional disclosure.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of federal awards ("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 amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to the funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Elwyn of Pennsylvania and Delaware and Elwyn New Jersey, and Elwyn California have elected not to use the 10 percent de minimis indirect cost rate for federal contracts allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) relates only to Elwyn of Pennsylvania and Delaware, Elwyn New Jersey and Elwyn California and not any of The Elwyn Foundations other subsidiaries. When required, The Elwyn Foundations other subsidiaries prepare separate schedules of expenditures of federal awards for the federal programs that each Organization administers. The information in the Schedule 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 Elwyn Foundation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Elwyn of Pennsylvania and Delaware, Elwyn New Jersey and Elwyn California.