Title: REPORTING ENTITY
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The Municipality of Vieques of the Commonwealth of Puerto Rico (Municipality) was founded in 1825, and operates as
a governmental unit of the Commonwealth of Puerto Rico under Act Number 81 of August 30, 1991, known as the
Autonomous Municipalities Laws of the Commonwealth of Puerto Rico. It is governed by a Mayor and a 14-member
Municipal Legislature elected for a four-year term.
Title: BASIS OF PRESENTATION
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activities of the Municipality of Vieques of the Commonwealth of Puerto Rico (Municipality) under programs of the Federal government for the fiscal year ended June 30, 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 Guidance). Because the Schedule presents only a selected portion of the operations of the Municipality, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-87, Cost Principles for State
and Local Government or those contained in the Uniform Guidance, as applicable, wherein certain types of
expenditures are not allowable or are limited as to reimbursement
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
C. Pass-through entity identifying numbers are presented where available.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
D. The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARD REPORTING
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The information included in the Schedule may not fully agree with other federal award reports submitted directly to
federal granting agencies
Title: FEDERAL ASSISTANCE LISTING NUMBER
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The Federal Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA)
Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms,
including Federal grants and cooperative agreements
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: see notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
Expenditures of Federal awards are reported in the Municipality’s Statement of Revenues, Expenditures and Changes
in Fund Balances – Governmental Fund as follows: COVID Assistance Fund – $2,619,857, SBGP Fund – $456,485,
Reconstruction Fund – $712,104 and Other Governmental Funds – $889,540