Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported under the accrual basis of the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Corporación La Fondita de Jesús under programs of the federal government for the year ended May 31, 2023.
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 Corporación La Fondita de Jesús, it is not intended to and does not present the financial position, changes in net asserts or cash flows of Corporación La Fondita de Jesús. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements. All federal awards received directly from federal agencies as well as federal awards passed through from other local
government agencies are included in the Schedule.
Title: Reconciliation to financial statements
Accounting Policies: Expenditures reported on the Schedule are reported under the accrual basis of the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The reconciliation of expenses in the financial statements to the schedule of expenditures of federal awards is as follows:
Description Amount
Expenses per the financial statements $ 4,321,414
Less: Non-federal expenses (1,819,713 )
Less: Depreciation and amortization (322,989 )
Plus: Property and equipment acquired with federal funds 99,306
Plus: Prepaid insurance policies acquired with federal funds 17,278
Expenses per Schedule of Expenditures of Federal Awards $ 2,295,296