Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: FPH HAS NOT ELECTED TO USE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
The accompanying schedule of expenditures of federal awards ( the Schedule ) includes the federal grant activity of La Fundación Puertorriqueña de las Humanidades, Inc. (FPH) and is presented on the accrual basis of accounting under programs of the
federal government for the years ended October 31, 2023 and 2022. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of
FPH, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FPH.
The following is a reconciliation of the federal expenditures shown in the Statement of Activities and Changes in Net Assets under the net assets released from restrictions
caption and the total expenditures in the Schedule of Expenditures of Federal Awards for the years ended October 31, 2023 and 2022. of Expenditures of Federal Awards
for the years ended October 31, 2023 and 2022.
Federal
Funds
Expenditures
2023
Federal
Funds
Expenditures
2022
Expenses per Financial Statements $ 1,343,380 1,595,169
Less: Non-federal funds (66,906) (79,747)
Total federal expenditures for the year
ended October 31, 2023 and 2022 as
per the Schedule of Expenditures of
Federal Awards
$
1,276,474
1,515,422
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: FPH HAS NOT ELECTED TO USE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Expenditures 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: SUBRECIPIENTS
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: FPH HAS NOT ELECTED TO USE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
During the years ended October 31, 2023 and 2022, FPH provided federal awards to subrecipients as follows: 45.129 - National Endowment for the Humanities/Promotion of the Humanities- Federal/State Partnership - Amount provided to subrecipients: 2023 - $330,505 and 2022 - $755,564
Title: INDIRECT COSTS
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: FPH HAS NOT ELECTED TO USE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
FPH has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance