Notes to SEFA
Title: Note 4: Donated Personal Protective Equipment (PPE) (unaudited)
Accounting Policies: Note 1:Basis of Presentation - The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of OneWorld under the programs of the federal government for the year ended February 28, 2022. The information in this 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 OneWorld, it is not intended to and does not present the financial position, changes in net assets, or cash flows of OneWorld. 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: OneWorld has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance of PPE received during the emergency period of the COVID-19 pandemic was approximately $25,000 and is based on the estimated fair market value of the PPE received. The donated PPE was generally provided by donors without information about compliance or reporting requirements associated with federal assisting listings. The donated PPE is not included in the schedule of expenditure of federal awards.
Title: Note 5: Provider Relief Funds
Accounting Policies: Note 1:Basis of Presentation - The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of OneWorld under the programs of the federal government for the year ended February 28, 2022. The information in this 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 OneWorld, it is not intended to and does not present the financial position, changes in net assets, or cash flows of OneWorld. 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: OneWorld has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
OneWorld received amounts from the U.S. Department of Health and Human Services (HHS) through the Provider Relief Fund (PRF) program (Federal Financial Assistance Listing/CFDA #93.498) during the year ended February 28, 2022. OneWorld incurred eligible expenditures (including lost revenue) and, therefore, recognized revenue totaling $423,125 for the year ended February 28, 2022 in the financial statements. In accordance with the compliance supplement addendum, the PRF expenditures recognized on the schedule are based on the reporting to HHS for the period ending February 28, 2022, as required under the PRF program. The 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 than have been reimbursed or are obligated to be reimbursed by other sources, estimating marginal increases in expenses related to coronavirus and the calculation of lost revenue. Actual results could differ from those estimates.