Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: Excelsior has 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 Excelsior Wellness and Subsidiaries (Excelsior) under programs of the federal government for the year ended December 31, 2022. The information is presented in accordance with the requirements of Title 2 U.S. Code ofFederal 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 Excelsior, it is not intended to and does not present the financial position, changes in net assets, or cash flows ofExcelsior.
Title: Principles of Consolidation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: Excelsior has elected to use the 10% de minimis cost rate.
The consolidated schedule of expenditures of federal awards includes the federal grant activity of Excelsior Wellness and its consolidated subsidiaries. Significant intercompany balances and transactions have been eliminated in the consolidated schedule of expenditures of federal awards. The following entity and its associated TIN number is included within the Schedule:911189908 Excelsior WellnessThe accompanying Schedule does not include federal grant activity of the following subsidiaries as these organizations did not expend any federal grant dollars during the year: Excelsior Family Medicine, L.L.C.; Excelsior Holistic Schools, L.L.C.; Excelsior Wellness Center, L.L.C.; Excelsior Integrated Care Center, L.L.C.; andNew Developed Nations, L.L.C.
Title: Provider Relief Funds and American Rescue Plan (ARP) Rural Distribution
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance hasbeen provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: Excelsior has elected to use the 10% de minimis cost rate.
Excelsior received amounts from the U.S. Department of Health and Human Services (HHS) through the Provider Relief Funds and American Rescue Plan (ARP) Rural Distribution (PRF) program (Federal Financial Assistance Listing #93.498) during the year ended December 31, 2021, totaling $646,741. Excelsior incurred eligible expenditures, including lost revenue, and therefore, recognized revenues totaling $646,741 for the year ended December 31, 2021, on the consolidated financial statements. In accordance with the 2022 Compliance Supplement, the PRF expenditures recognized on the Schedule are based on the reporting to HHS for Period 4, defined as payments received during July 1, 2021, to December 31, 2021, of $646,741.The total amount of PRF expenditures included on the Schedule requires management to make estimates and assumptions that affect the reported amounts. Accordingly, such expenditures are considered a significant estimate. Estimates and assumptions may include reducing actual expenses by amounts that have been reimbursed or are obligated to be reimbursed by other sources and estimating marginal increases in expenses related to coronavirus. Actual amounts could differ from those estimates. (See chart in report)