Title: Basis of Presentation
Accounting Policies: Basis of Presentation: The SEFA is prepared from the Authority’s accounting records per the Uniform Guidance (2 CFR Part 200).
Key Accounting Policies:
Transactions are recorded based on GAAP.
Expenses are reported on the accrual basis, following Uniform Guidance cost principles.
Federal Assistance Listing Numbers (FALN): Determined based on program name, grant contract information, and SAM.gov listings.
Major Federal Programs: Identified in the auditors’ summary of findings and questioned costs.
Expense Recognition: Includes prior year expenses that met eligibility requirements in the current fiscal year.
Indirect Cost Rate: The de minimis 10% indirect cost rate was not used.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grants activity of the Puerto Rico Convention Center District Authority (the “Authority”), for the year ended June 30, 2022. The information in the 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 (the “Uniform Guidance”)
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation: The SEFA is prepared from the Authority’s accounting records per the Uniform Guidance (2 CFR Part 200).
Key Accounting Policies:
Transactions are recorded based on GAAP.
Expenses are reported on the accrual basis, following Uniform Guidance cost principles.
Federal Assistance Listing Numbers (FALN): Determined based on program name, grant contract information, and SAM.gov listings.
Major Federal Programs: Identified in the auditors’ summary of findings and questioned costs.
Expense Recognition: Includes prior year expenses that met eligibility requirements in the current fiscal year.
Indirect Cost Rate: The de minimis 10% indirect cost rate was not used.
De Minimis Rate Used: N
Rate Explanation: N/A
The Schedule is prepared from the Authority’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 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.
Title: Federal Assistance Listing Numbers (“FALN”)
Accounting Policies: Basis of Presentation: The SEFA is prepared from the Authority’s accounting records per the Uniform Guidance (2 CFR Part 200).
Key Accounting Policies:
Transactions are recorded based on GAAP.
Expenses are reported on the accrual basis, following Uniform Guidance cost principles.
Federal Assistance Listing Numbers (FALN): Determined based on program name, grant contract information, and SAM.gov listings.
Major Federal Programs: Identified in the auditors’ summary of findings and questioned costs.
Expense Recognition: Includes prior year expenses that met eligibility requirements in the current fiscal year.
Indirect Cost Rate: The de minimis 10% indirect cost rate was not used.
De Minimis Rate Used: N
Rate Explanation: N/A
The FALN numbers included in the Schedule are determined based on the program name, review of grant contract information and the assistance listings in the System for Award Management (SAM.gov) website. FALN numbers are presented for those programs for which such numbers are available.
Title: Schedule of Expenditures of Federal Awards
Accounting Policies: Basis of Presentation: The SEFA is prepared from the Authority’s accounting records per the Uniform Guidance (2 CFR Part 200).
Key Accounting Policies:
Transactions are recorded based on GAAP.
Expenses are reported on the accrual basis, following Uniform Guidance cost principles.
Federal Assistance Listing Numbers (FALN): Determined based on program name, grant contract information, and SAM.gov listings.
Major Federal Programs: Identified in the auditors’ summary of findings and questioned costs.
Expense Recognition: Includes prior year expenses that met eligibility requirements in the current fiscal year.
Indirect Cost Rate: The de minimis 10% indirect cost rate was not used.
De Minimis Rate Used: N
Rate Explanation: N/A
The Schedule of Expenditures of Federal Awards includes expenditures incurred in prior years. For the year ended June 30, 2022, the Authority recognized $10,000,000 for the Shuttered Venue Operators Grant Program as well as
$992,816 for the Disaster Grant – Public Assistance (Presidentially Declared Disasters) in federal expenditures in the Schedule of Expenditures of Federal Awards that were incurred in prior years but were considered to comply with all eligibility requirements during the fiscal year.
Title: Indirect Cost
Accounting Policies: Basis of Presentation: The SEFA is prepared from the Authority’s accounting records per the Uniform Guidance (2 CFR Part 200).
Key Accounting Policies:
Transactions are recorded based on GAAP.
Expenses are reported on the accrual basis, following Uniform Guidance cost principles.
Federal Assistance Listing Numbers (FALN): Determined based on program name, grant contract information, and SAM.gov listings.
Major Federal Programs: Identified in the auditors’ summary of findings and questioned costs.
Expense Recognition: Includes prior year expenses that met eligibility requirements in the current fiscal year.
Indirect Cost Rate: The de minimis 10% indirect cost rate was not used.
De Minimis Rate Used: N
Rate Explanation: N/A
The Authority has not used the 10% de minimis indirect cost rate