Audit 319950

Accounting Policies: GENERAL - The accompanying Schedule of Expenditures of Federal Awards presents the activity of One Stop Career Center of Puerto Rico, Inc. Reporting entity is defined in Note 1 to the financial statements. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. BASIS OF ACCOUNTING - The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the financial statements. SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARDS REPORTING - The information included in the Schedule may not fully agree with other federal awards reports, submitted directly to federal grantor agency because, among other reasons, the award report may (a) be prepared for a different fiscal period, (b) include cumulative data (from prior years) rather than data from the current year only, (C) certain timing differences may exist in the recognition of revenues and expenditures between the Schedule of Expenditures of Federal Awards, federal financial reports and the accrual basis of accounting. ASSISTANCE LISTING NUMBER AND PASS-THROUGH ENTITY IDENTIFYING NUMBER - The Assistance Listing Number (ALN), 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. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.gov assistance listing is the publicity available online database showing all available Federally-Funded Programs. State or local government redistributions of federal awards to the Organization known as pass-through awards, should be treated by the Organization as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the pass-through entity and the identifying number assigned by the pass-through entity for the federal awards received as a sub-recipient. Pass-through entity identifying numbers are presented where available. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available. MAJOR PROGRAMS - Major programs are identified in the Summary of Auditor’s Results Section of the Schedule of Findings and Questioned Costs. INDIRECT COST RATE - The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance. RELATIONSHIP TO FINANCIAL STATEMENTS - The federal funds (grants) expended as of December 31, 2023, are as follows: Total expenditures as reported in the financial statements $ 2,862,221 Less non-federal expenditures (382,863) Total expenditures as reported in the schedule of expenditures of federal awards $ 2,479,358 De Minimis Rate Used: N Rate Explanation: The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.