Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
The accompanying Schedule of Expenditures of Federal Awards Program presents the expenditures of the federal programs administered by the Escuela de Artes Plásticas y Diseño de Puerto Rico (the School).
Title: Basis of accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting
Title: Administrative costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
Title: Assistance Listing Number (ALN)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
The ALN included in this schedule are determined based on the program name, review of grant contract information and the U.S. Office of Management and Budget’s Federal Assistance Listing.
Title: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards Programs is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School does not have a federally negotiated indirect cost rate applicable to the programs and therefore there is no election to the 10 percent de minimis cost rate as defined in 2 CFR 200.414.
Federal financial assistance revenues are reported in the School's Statement of Revenues, Expenditures and Changes in Fund Balances as Federal grants for students. The reconciliation of expenses in the Schedule of Expenditures of Federal Awards Programs to the Expenditures in the special revenue fund in the financial statements follows: Expenditures per financial statements $ 2,233,927
Plus:
Other expenditures 22,379
Expenditures per Schedule of Federal Awards Programs $ 2,256,306