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. 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: 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, 2023 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 $3,228,000 in federal awards which are not included in OPC’s accompanying SEFA for 2023. These HUD Affiliates were independently audited by other auditors in accordance with Title 2 U.S. Code of Federal Regulations (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. 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: OPC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
OPC had the following balances outstanding as of June 30, 2023 from 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. 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: 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 2023.
Title: PROVIDER RELIEF FUNDS
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. 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: OPC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Under terms and conditions of the Provider Relief Funds (PRF) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and American Rescue Plan (ARP) Act, OPC is required to report COVID-19 related expenses and lost revenue to the U.S. Department of Health and Human Services (HHS). Guidance from HHS has required the reporting of the COVID-19 related expenses and lost revenue in certain reporting periods based on when the funds were received.
The 2023 SEFA includes PRF of approximately $312,000 which was received by OPC between July 1, 2021 and June 30, 2022. OPC recognized $312,000 as revenue in its 2022 consolidated statement of operations and changes in net assets as the terms and conditions of the PRF grant were satisfied by OPC during 2022. HHS required these PRF amounts be reported on the 2023 SEFA rather than the 2022 SEFA.
Title: FAIR MARKET VALUE OF DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED)
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. 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: OPC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2023, OPC did not receive donated personal protective equipment from federal sources.