Notes to SEFA
Title: GENERAL
Accounting Policies: NONE
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards presents the federal grant activity of the Municipality of Canóvanas of the Commonwealth of Puerto Rico. The Municipality of Canóvanas reporting entity is defined in Note 1 to the Municipality’s basic financial statements
Title: BASIS OF ACCOUNTING
Accounting Policies: NONE
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards presents the federal grant activity of Municipality of Canóvanas and is presented on the modified accrual basis of accounting. The basis of accounting is the same used to prepare the fund financial statements. The information of this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparations of the basic financial statements.
Title: FEDERAL CFDA NUMBER
Accounting Policies: NONE
De Minimis Rate Used: N
Rate Explanation: N/A
The CFDA number included in this schedule are determined based on the program name, review of grant contract information and the Office of Management and Budget’s Catalogue of Federal Assistance.
Title: RELATION TO FEDERAL FINACIAL REPORT
Accounting Policies: NONE
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying Schedule are included in the Other Governmental Funds in the Municipality’s fund financial statements. The reconciliation between the expenditures in the fund financial statements and the expenditures in the Schedule of Expenditures of Federal Awards is as follows: