Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule has been prepared using the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity
of Invest Puerto Rico Inc. (the Organization) under programs of the federal government for the fiscal year ended
June 30, 2024. 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). 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 and changes
in net position of the Organization. Therefore, some amounts presented in this Schedule may differ from amounts
presented in or used in the preparation of the financial statements. All federal awards received directly from
federal agencies as well as federal awards passed through from other local government agencies are included
in the Schedule.